Financial report Deutsche Börse AG Final version (English), as at 14 March 2014, 3.00 p.m.

Transcription

1 0 Financial report Deutsche Börse AG 2013 Final version (English), as at 14 March 2014, 3.00 p.m.

2 1 Contents Financial report Deutsche Börse AG Draft no. 1 (English), as at 18 February 2014, 8 p.m...0 Contents...1 Financial report of Deutsche Börse AG 2013 Consolidated financial statements and Notes to the consolidated financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Notes to the consolidated financial statements Basis of preparation General principles Basis of consolidation Summary of key accounting policies Consolidated income statement disclosures Net revenue Staff costs Other operating expenses Research and development costs Result from equity investments Financial result Income tax expense Consolidated balance sheet disclosures Intangible assets Property, plant and equipment Financial assets Derivatives and hedges Financial instruments of Eurex Clearing AG Current receivables and securities from banking business Development of allowance against trade receivables Other current assets Restricted bank balances Equity Shareholders equity and appropriation of net profit of Deutsche Börse AG Provisions for pensions and other employee benefits Changes in other provisions Other non-current provisions Interest-bearing liabilities Tax provisions Other current provisions Liabilities from banking business Cash deposits by market participants Other current liabilities...269

3 2 31. Maturity analysis of financial instruments Classification of financial instruments under IAS Other disclosures Consolidated cash flow statement disclosures Earnings per share Segment reporting Financial risk management Financial liabilities and other risks Leases Share-based payment Executive bodies Corporate governance Related party disclosures Shareholders Employees Events after the balance sheet date Date of approval for publication Responsibility statement by the Executive Board Auditor s report Proposal on the appropriation of the unappropriated surplus... Error! Bookmark not defined.

4 189 Consolidated financial statements and notes to the consolidated financial statements of Deutsche Börse AG as at 31 December 2013 Final version as at 14 March 2014

5 190 Consolidated income statement for the period 1 January to 31 December 2013 Note m m Sales revenue 4 2, ,145.3 Net interest income from banking business Other operating income Total revenue 2, ,209.0 Volume-related costs Net revenue (total revenue less volume-related costs) 1, ,932.3 Staff costs Depreciation, amortisation and impairment losses 11, Other operating expenses Operating costs 1, Result from equity investments Earnings before interest and tax (EBIT) Financial income Financial expense Earnings before tax (EBT) Other taxes Income tax expense Net profit for the year thereof shareholders of parent company (net income) thereof non-controlling interests Earnings per share (basic) ( ) Earnings per share (diluted) ( )

6 191 Consolidated statement of comprehensive income for the period 1 January to 31 December 2013 Note m m Net profit for the year reported in consolidated income statement Items that will not be reclassified to profit or loss Changes from defined benefit obligations Deferred taxes 10, Items that may be reclassified subsequently to profit or loss Exchange rate differences 1) Remeasurement of cash flow hedges Remeasurement of other financial instruments Deferred taxes 10, Other comprehensive income after tax Total comprehensive income thereof shareholders of parent company thereof non-controlling interests ) Exchange rate differences include 1.7 million (2012: 0.3 million) taken directly to accumulated profit as part of the result from equity investments.

7 192 Consolidated balance sheet as at 31 December 2013 Assets NON-CURRENT ASSETS Intangible assets 11 Note 31 Dec Dec 2012 m m Software Goodwill 2, ,078.4 Payments on account and construction in progress Other intangible assets Property, plant and equipment 12 3, ,178.8 Fixtures and fittings Computer hardware, operating and office equipment Payments on account and construction in progress Financial investments Investments in associates and joint ventures Other equity investments Receivables and securities from banking business 1, ,485.0 Other financial instruments Other loans 1) , ,738.1 Financial instruments of Eurex Clearing AG 15 4, Other non-current assets Deferred tax assets Total non-current assets 8, ,113.9 CURRENT ASSETS Receivables and other current assets Financial instruments of Eurex Clearing AG , , ) Receivables and securities from banking business 16 9, ,808.2 Trade receivables Receivables from related parties Income tax receivables 3) Other current assets Available-for-sale financial assets , ,580.7 Restricted bank balances 19 16, ,450.6 Other cash and bank balances Total current assets 180, ,672.9 Total assets 189, , ) Thereof 0.3 million (31 December 2012: 0.1 million) with related parties 2) See note 3. 3) Thereof 8.8 million (31 December 2012: 10.6 million) with a remaining maturity of more than one year from corporation tax credits in accordance with section 37 (5) of the Körperschaftsteuergesetz (KStG, the German Corporation Tax Act)

8 193 Equity and liabilities EQUITY 20 Note 31 Dec Dec 2012 m m Subscribed capital Share premium 1, ,249.0 Treasury shares Revaluation surplus Accumulated profit 2, ,938.9 Shareholders equity 3, ,946.6 Non-controlling interests Total equity 3, ,169.6 NON-CURRENT LIABILITIES Provisions for pensions and other employee benefits Other non-current provisions 23, Deferred tax liabilities Interest-bearing liabilities 25 1, ,160.0 Financial instruments of Eurex Clearing AG 15 4, Other non-current liabilities Total non-current liabilities 6, ,616.4 CURRENT LIABILITIES Tax provisions 1) 23, Other current provisions 23, Financial instruments of Eurex Clearing AG , , ) Liabilities from banking business 3) 28 9, ,880.3 Other bank loans and overdrafts Trade payables Liabilities to related parties Cash deposits by market participants 29 16, ,450.6 Other current liabilities Total current liabilities 180, ,000.8 Total liabilities 186, ,617.2 Total equity and liabilities 189, , ) Thereof income tax due: million (2012: million) 2) See note 3. 3) Thereof 0.1 million (31 December 2012: 0.1 million) liabilities to related parties

9 194 Consolidated cash flow statement for the period 1 January to 31 December 2013 Note m m Net profit for the year Depreciation, amortisation and impairment losses 11, Increase/(decrease) in non-current provisions Deferred tax expense/(income) Cash flows from derivatives Other non-cash expense Changes in working capital, net of non-cash items: Decrease/(increase) in receivables and other assets Increase in current liabilities Decrease in non-current liabilities (Net gain)/net loss on disposal of non-current assets Cash flows from operating activities excluding CCP positions Changes in liabilities from CCP positions Changes in receivables from CCP positions Cash flows from operating activities Payments to acquire intangible assets and property, plant and equipment Payments to acquire intangible assets Payments to acquire property, plant and equipment Payments to acquire non-current financial instruments Payments to acquire investments in associates Payments to acquire subsidiaries, net of cash acquired 5.2 1) Proceeds from the disposal of shares in associates ) (Net increase)/net decrease in current receivables and securities from banking business with an original term greater than three months Proceeds from disposals of available-for-sale non-current financial instruments Cash flows from investing activities Purchase of treasury shares Proceeds from sale of treasury shares Payments to non-controlling interests Repayment of long-term financing Proceeds from long-term financing Repayment of short-term financing 1, Proceeds from short-term financing 1, Dividends paid Cash flows from financing activities Net change in cash and cash equivalents

10 195 Note m m Net change in cash and cash equivalents (brought forward) Effect of exchange rate differences 3) Cash and cash equivalents as at beginning of period 4) Cash and cash equivalents as at end of period 4) Interest income and other similar income 5) Dividends received 5) Interest paid 5) Income tax paid ) Cash acquired in connection with the termination of the cooperating agreement governing the investment in Börse Frankfurt Zertifikate Holding S.A. (see also note 2) 2) Return of capital of Direct Edge Holdings, LLC 3) Primarily includes the exchange rate differences arising on translation of the ISE subgroup 4) Excluding cash deposits by market participants 5) Interest and dividend payments are allocated to cash flows from operating activities.

11 196 Consolidated statement of changes in equity for the period 1 January to 31 December 2013 Subscribed capital thereof included in total comprehensive income Note m m m m Balance as at 1 January Retirement of treasury shares Balance as at 31 December Share premium Balance as at 1 January 1, ,247.0 Retirement of treasury shares Balance as at 31 December 1, ,249.0 Treasury shares Balance as at 1 January Purchase of treasury shares Retirement of treasury shares Sales within the Group Share Plan Acquisition of the interest of non-controlling shareholders in Eurex Zürich AG Balance as at 31 December Revaluation surplus 20 Balance as at 1 January Changes from defined benefit obligations Remeasurement of other financial instruments Remeasurement of cash flow hedges Increase in share-based payments Deferred taxes Balance as at 31 December Accumulated profit 20 Balance as at 1 January 1, ,123.0 Dividends paid Retirement of treasury shares Acquisition of the interest of non-controlling shareholders in Eurex Zürich AG Net income Exchange rate differences and other adjustments Deferred taxes Balance as at 31 December 2, ,938.9 Shareholders equity as at 31 December 3, ,

12 197 thereof included in total comprehensive income Note m m m m Shareholders equity (brought forward) 3, , Non-controlling interests Balance as at 1 January Changes due to capital decreases Changes due to share in net income of subsidiaries for the period Changes from defined benefit obligations Exchange rate differences and other adjustments Balance as at 31 December Total equity as at 31 December 3, ,

13 198 Notes to the consolidated financial statements Basis of preparation 1. General principles Deutsche Börse AG ( the company ) is incorporated as a German public limited company ( Aktiengesellschaft ) and is domiciled in Germany. The company s registered office is in Frankfurt/Main. The 2013 consolidated financial statements have been prepared in compliance with International Financial Reporting Standards (IFRSs) and the related interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union in accordance with Regulation No. 1606/2002 of the European Parliament and of the Council on the application of International Accounting Standards. As at 31 December 2013, there were no effective standards or interpretations not yet adopted by the European Union that could affect the consolidated financial statements. Accordingly, the consolidated financial statements also comply with IFRSs issued by the IASB. The disclosures required in accordance with Handelsgesetzbuch (HGB, German Commercial Code) section 315a (1) have been presented in the notes to the consolidated financial statements and the remuneration report, which forms part of the combined management report. The consolidated financial statements are also based on the interpretations issued by the Rechnungslegungs Interpretations Committee (RIC, Accounting Interpretations Committee) of the Deutsches Rechnungslegungs Standards Committee e.v. (Accounting Standards Committee of Germany), to the extent that these do not contra-dict the standards and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or the IASB. New accounting standards implemented in the year under review The following standards and interpretations issued by the IASB and adopted by the European Commission became effective for Deutsche Börse AG as at 1 January 2013 and were applied for the first time in the 2013 reporting period: IFRS 10 Consolidated Financial Statements and IAS 27 (2011) Separate Financial Statements (May 2011) IFRS 10 replaces the guidance on control and consolidation contained in IAS 27 (2009) Consolidated and Separate Financial Statements and SIC-12 Consolidation Special Purpose Entities by uniform principles and accounting requirements that are applied to all companies to determine control. IAS 27

14 199 only contains the requirements governing separate financial statements. The standards have been adopted by the EU on 11 December 2012 and are effective for financial years beginning on or after 1 January Earlier application is permitted. IFRS 11 Joint Arrangements (May 2011) The standard introduces two types of joint arrangement: joint operations and joint ventures. It supersedes IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities Non-Monetary Contributions by Venturers. The previous option to use proportionate consolidation for jointly controlled entities has been abolished. Venturers in a joint venture must use the equity method of accounting. IFRS 11 has been adopted by the EU on 11 December This standard must be applied for financial years beginning on or after 1 January IFRS 12 Disclosure of Interests in Other Entities (May 2011) IFRS 12 defines the required disclosures for entities that apply IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements : these entities must disclose information that enables users of their financial statements to evaluate the nature of, and the risks associated with, their interests in other entities and the effects of those interests on their financial position, financial performance and cash flows. The standard has been adopted by the EU on 11 December 2012 and is effective for financial years beginning on or ofter 1 January Amendments to IAS 28 Investments in Associates and Joint Ventures (May 2011) As part of the amendments to IAS 28, accounting disclosures for joint ventures were included in the standard; the basic approach for assessing the existence of significant influence and rules for applying the equity method have been retained. The amendments to the standard were adopted by the EU on 11 December 2012 and must be applied together with IFRS 10, IFRS 11, IFRS 12 and IAS 27. The standard is effective for financial years beginning on or after 1 January IFRS 10, IFRS 11, IFRS 12, IAS 27 and IAS 28 have been adopted early. Their initial application has no material effect on the basis of consolidation. IFRS 13 Fair Value Measurement (May 2011) This standard describes how to determine fair value and extends the related disclosures. Fair value is defined in IFRS 13 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. IFRS 13 has been adopted by the EU on 11 December This standard must be applied for financial years which began on or after 1 January Deutsche Börse AG provides comparative information for the previous year in accordance with the new requirement. However, the new requirements have not had any material impact on the measurement of the Group s assets and liabilities. The amendment to IFRS 13 resulting from the Annual Improvements Project , which has not yet been adopted by the EU, relates to the exception that contracts

15 200 managed as a portfolio can be measured on a net basis (portfolio exception). As Deutsche Börse AG does not take a portfolio approach, the change does not have any impact on the measurement. The change in the disclosures on fair value hierarchies resulting from IFRS 13 comprises additional disclosures; these are presented in note 32. Amendments to IAS 1 Presentation of Financial Statements (June 2011) The amendments to IAS 1 require entities to classify expenses and income recognised in other comprehensive income into two categories. The classification will depend on whether or not the item is reclassified (recycled) to profit or loss in the future. Items that are not recycled to the income statement must be presented separately from items that are recognised in profit or loss. The amendments to the standard have been adopted by the EU on 5 June 2012 and are effective for financial years, which began on or after 1 July In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the amendments must be applied retrospectively. The application of IAS 1 mainly affects the presentation of comprehensive income and expense. Changes resulting from the Annual Improvements Project (May 2012) Six amendments affecting five standards were implemented. The amendments must be applied for financial years which began on or after 1 January The changes do not have any material impact on Deutsche Börse AG s consolidated financial statements. Amendments to IFRS 7 Financial Instruments: Disclosures (December 2011) The amendments introduce new disclosure requirements for certain offsetting arrangements: the disclosure requirement applies regardless of whether the offsetting arrangement has in fact led to the financial assets and financial liabilities being offset. In addition to a qualitative description of the rights of set-off, the guidance specifically also requires quantitative disclosures. The amendments to IFRS 7 are effective retrospectively for financial years beginning on or after 1 January The amendments were adopted by the EU on 13 December Amendments to IAS 36 Impairment of Assets (May 2013) The amendments correct a previous amendment that had inadvertently required disclosure of the recoverable amount of each cash-generating unit, even if no impairment loss had been recognised. The amendments of May 2013 removed this requirement again. Additional disclosures are now required if the recoverable amount is determined on the basis of the fair value less costs of disposal and an impairment loss is recognised. The amendments are effective for financial years beginning on or after 1 January The amendments were adopted by the EU on 19 December Deutsche Börse AG applies the amendments together with the changes resulting from IFRS 13.

16 201 Amendments to IAS 39 Financial Instruments: Recognition and Measurement novation of derivatives (June 2013) These amendments allow hedge accounting to continue after novation. Standardised OTC derivatives that are now cleared through a central counterparty can be retained as hedging instruments under certain conditions when the parties to a contract are replaced by a clearing counterparty. The existing hedge accounting relationship thus continues to exist. The amendments are effective for financial years beginning on or after 1 January The amendments were adopted by the EU on 19 December Deutsche Börse AG has opted for early application of the amendments. New accounting standards not yet implemented The following standards and interpretations, which are relevant to Deutsche Börse Group and which Deutsche Börse Group did not adopt in 2013 prior to the effective date, have been published by the IASB prior to the publication of this corporate report and partially adopted by the European Commission. IFRS 9 Financial Instruments (November 2009) IFRS 9 introduces new requirements for the classification and measurement of financial assets and is intended to replace IAS 39 in the future. These stipulate that all financial assets that have to date fallen within the scope of IAS 39 are either recognised at amortised cost or at fair value. The current version no longer includes an effective date, but the standard is available for adoption if permitted by local accounting requirements. IFRS 9 was published in November 2009, reissued in October 2010 and amended in November The standard has not been adopted by the EU yet. Amendments to IFRS 9 Financial Instruments (October 2010) The amendments extend IFRS 9 Financial Instruments to include rules on accounting for financial liabilities. If the fair value option is applied to financial liabilities, revisions to the recognition of changes in an entity s own credit risk must be taken into account: a change in credit risk must now be recognised in other comprehensive income rather than in profit or loss. The original effective date was removed from the current version of the standard. Application is permitted if the rules on accounting for financial assets are also applied. The standard has not been adopted by the EU yet. Amendments to IFRS 9 and IFRS 7 Mandatory Effective Date and Transition Disclosures in the Notes (December 2011) In addition to the amendments to IFRS 9 listed above, the IASB has issued further amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. This also had the effect of postponing the requirement to apply the amended IFRS 9 for financial years beginning on or after 1 January The removal of the effective date from IFRS 9 (as most recently amended in November 2013) means that the amendments to IFRS 7 can also be delayed until IFRS 9 is adopted.

17 202 The additional disclosures in the notes required in IFRS 9 have been added as an amendment to IFRS 7: the disclosures required include in particular recognition and measurement for the first reporting period in which IFRS 9 is adopted, the changes in carrying amounts resulting from the transition to IFRS 9, unless they relate to measurement effects at the time of transition, as well as the changes in carrying amounts attributable to such effects. In addition, it must be possible, on the basis of the information disclosed, to reconcile the measurement categories according to IAS 39 and IFRS 9 to individual line items in the financial statements or classes of financial instruments. The amendments to the two standards have not yet been adopted by the EU. Amendments to IFRS 9, IFRS 7 and IAS 39 Hedge Accounting (November 2013) In addition to the above amendments, new guidance has been added for hedge accounting in general. There is an option to apply the guidance of IAS 39 on fair value hedge accounting for portfolio hedges of interest rate risk or to follow the requirements of IFRS 9. When IFRS 9 is applied for the first time, there is also the option to apply hedge accounting in accordance with IAS 39 or in accordance with IFRS 9 Chapter 6. In addition, the IASB allows early adoption of the requirement to recognise the changes in fair value attributable to changes in the entity s own credit risk in other comprehensive income if the changes in fair value are reported in the income statement. The November 2013 amendment removed the original effective date of IFRS 9. Amendments to IAS 32 Offsetting of Financial Assets and Financial Liabilities (December 2011) The IASB has revised the guidance for offsetting financial assets and financial liabilities and published the results in the form of amendments to IAS 32 Financial Instruments: Presentation. The offsetting requirements laid down in IAS 32 have been retained in principle, and additional guidance has been provided for clarification. In this guidance, the IASB emphasises firstly that an unconditional, legally enforceable right of offsetting must exist, even if one of the parties involved is insolvent. Secondly, it lists illustrative criteria under which gross settlement of a financial asset and a financial liability nevertheless leads to offsetting. The additional guidance is effective retrospectively for financial years beginning on or after 1 January The amendments have been adopted by the EU on 13 December 2013.

18 203 Amendments to IAS 19 Employee Benefits (November 2013) In future, there will be an option on how to account for contributions that employees are required to make to their defined benefit plans. The amendment permits employee contributions that are independent of the number of years of service to be attributed to the period in which the service is rendered. This results in a negative benefit being attributed to the corresponding period of service. Previously, employee contributions had been allocated to the defined benefit liability. The amendment must be applied for financial years beginning on or after 1 July 2014, and earlier application permitted. The amendment has not yet been adopted by the EU. Amendments resulting from the Annual Improvements Project (December 2013) Eight amendments affecting seven standards are planned. The amendments must be applied for financial years beginning on or after 1 July 2014.The amendments have not yet been adopted by the EU. Amendments resulting from the Annual Improvements Project (December 2013) Four amendments affecting four standards are planned. The amendments must be applied for financial years beginning on or after 1 July The amendments have not yet been adopted by the EU. Deutsche Börse Group cannot assess conclusively what the impact of the application of the new and amended standards will be at this stage. In addition to extended disclosure requirements, the initial application of IFRS 9 is expected to have an impact on the consolidated financial statements. 2. Basis of consolidation Deutsche Börse AG s equity interests in subsidiaries, associates and joint ventures as at 31 December 2013 included in the consolidated financial statements are presented in the following tables. Unless otherwise stated, the financial information in these tables is presented in accordance with the generally accepted accounting principles in the companies countries of domicile.

19 204 Fully consolidated subsidiaries Company Domicile Equity interest as at 31 Dec 2013 direct (indirect) % Börse Frankfurt Zertifikate Holding S.A. 2) Luxembourg Börse Frankfurt Zertifikate AG 4) Germany (100.00) Clearstream Holding AG Germany Clearstream International S.A. Luxembourg (100.00) Clearstream Banking S.A. Luxembourg (100.00) 7) Clearstream Banking Japan, Ltd. Japan (100.00) REGIS-TR S.A. Luxembourg (50.00) Clearstream Banking AG Germany (100.00) Clearstream Services S.A. Luxembourg (100.00) Clearstream Fund Services Ireland Ltd. Ireland (100.00) Clearstream Operations Prague s.r.o Czech Republic (100.00) LuxCSD S.A. Luxembourg (50.00) Deutsche Börse Asia Holding Pte. Ltd. Singapore Eurex Clearing Asia Pte. Ltd. Singapore (100.00) Deutsche Börse Services s.r.o Czech Republic Deutsche Boerse Systems, Inc. USA Eurex Global Derivatives AG Switzerland Eurex Zürich AG Switzerland (100.00) 8) Eurex Frankfurt AG Germany (100.00) Eurex Bonds GmbH Germany (79.44) Eurex Clearing AG Germany (100.00) Eurex Clearing Security Trustee GmbH Germany (100.00) Eurex Repo GmbH Germany (100.00) Eurex Services GmbH Germany (100.00) U.S. Exchange Holdings, Inc. USA (100.00) International Securities Exchange Holdings, Inc. USA (100.00) ETC Acquisition Corp. USA (100.00) International Securities Exchange, LLC USA (100.00) ISE Gemini, LLC USA (100.00) Longitude LLC USA (100.00) Longitude S.A. Luxembourg (100.00) Finnovation S.A. Luxembourg Infobolsa S.A. Spain Difubolsa, Serviços de Difusão e Informaçao de Bolsa, S.A. Portugal (50.00) Infobolsa Deutschland GmbH Germany (50.00) Open Finance, S.L. Spain (31.00) Market News International Inc. USA MNI Financial and Economic Information (Beijing) Co. Ltd. China (100.00) Need to Know News, LLC USA (100.00) Risk Transfer Re S.A. Luxembourg STOXX Ltd. Switzerland Tradegate Exchange GmbH Germany ) 1) Includes capital reserves and retained earnings, accumulated gains or losses and net profit or loss for the year and, if necessary, further components according to the respective local GAAP 2) Until 12 December 2013: Scoach Holding S.A. 3) Preliminary figures 4) Until 1 November 2013: Scoach Europa AG 5) Before profit transfer or loss absorption

20 205 Currency Ordinary share Sales revenue Net profit/loss capital Equity 1) Total assets thousands thousands thousands thousands thousands Initially consolidated 50 16,297 3) 16,382 3) 0 3) 4,341 3) 1 July ,222 7,990 20, July ,000 2,285,314 2,391, ,069 5) , , ,455 65,900 6) 101, ,000 3) 672,231 3) 11,257,001 3) 382,557 3) 6) 18,266 3) 2002 JPY 6,500 35,252 3) 56,494 3) 80,377 3) 7,168 3) ,600 1,060 3) 2,240 3) 0 3) 1,103 3) , ,704 1,214, ,536 6) 81, ,000 62, , ,861 8, ,261 2, Oct 2012 CZK 160, ,912 3) 258,686 3) 346,717 3) 41,510 3) ,000 5,065 5, SGD Nov 2013 SGD Nov 2013 CZK , , ,487 30, US$ 400 4,400 5,582 8, CHF , , ,138 69,466 1 Jan 2012 CHF 10, , ,694 43,055 5, ,000 1,050,920 1,849, ,670 9) ,600 8,247 10,017 4, , ,813 16,762, ) 1,227 5) Oct ,808 15,698 11,591 5) ,182,469 1,251, ,212 5) 2007 US$ 1, , , , US$ 0 1,724,709 2,292, , US$ 0 3,785 3, US$ 0 40, , ,690 44, US$ 5,000 8,448 9,830 18,383 3,448 5 Aug 2013 US$ 0 3,901 4,154 1, ,100 1,072 3) 1,757 3) 4,045 3) 618 3) 28 June ,400 3) 131,451 3) 163,397 3) 33,672 3) 3,101 3) ,782 3) 13,234 3) 7,551 3) 494 3) ,397 1, ,316 2, US$ 9,911 21,114 18,469 19, US$ , US$ 4,193 5,766 7,536 6, ,225 1,225 11,293 1, CHF 1,000 96, ,638 88,827 28, ,367 1, ) Consists of interest and commission results due to the business operations 7) Thereof, per cent are indirectly held via Clearstream Holding AG and per cent are indirectly held via Clearstream International S.A. 8) Thereof, 50 per cent are directly held and 50 per cent are indirectly held via Eurex Global Derivatives AG. 9) Including income from profit pooling agreements with its subsidiaries amounting to 81,632 thousand 10) Thereof, 1.23 per cent are indirectly held via Tradegate AG Wertpapierhandelsbank.

21 206 As at 31 December 2013, Deutsche Börse AG held 50 per cent of the voting rights of Infobolsa S.A., Madrid, Spain. The key decision-making body of Infobolsa S.A. is the Board of Directors, where the Chairman s casting vote gives Deutsche Börse AG the majority of the votes. Deutsche Börse AG indirectly holds 50 per cent of the voting rights in LuxCSD S.A., Luxembourg. Since Deutsche Börse s subsidiary Clearstream International S.A., which holds 50 per cent of the voting rights, has the right to appoint the Chairman of the Supervisory Board, who also has a casting vote, there is a presumption of control. Moreover, Deutsche Börse AG indirectly holds 50 per cent of the voting rights in REGIS-TR S.A., Luxembourg. Since Deutsche Börse s subsidiary Clearstream Banking S.A., which holds 50 per cent of the voting rights, has the right to appoint the Chairman of the Supervisory Board, who in turn has a casting vote, there is a presumption of control. Changes to consolidated subsidiaries Germany Foreign Total As at 1 January Additions Disposals as at 31 December In December 2012, SIX Swiss Exchange AG gave notice of termination of the cooperation agreement governing the equity investment in Scoach Holding S.A., effective from the end of 30 June Consequently, with effect from 1 July 2013, the shares in Scoach Schweiz AG held by Scoach Holding S.A. were transferred to SIX Swiss Exchange AG; the shares in Scoach Holding S.A. previously held by SIX Swiss Exchange AG were transferred to Scoach Holding S.A. and subsequently retired. Following the transfer, Deutsche Börse AG s equity interest in Scoach Holding S.A. increased to 100 per cent. The total consideration for this exchange transaction amounted to 15.3 million. Remeasurement of the shares of the Scoach subgroup held before the acquisition resulted in tax-neutral income from equity investment of 2.0 million; of this amount, 0.1 million related to the remeasurement of the shares of Scoach Holding S.A. and Scoach Europa AG held before the exchange transaction. The fair value of the shares held in Scoach Holding S.A. and Scoach Europa AG before the transaction amounted to 7.7 million. Goodwill of 4.6 million resulted from this transaction. Scoach Holding S.A. and Scoach Europa AG have been fully consolidated in Deutsche Börse AG s consolidated financial statements since 1 July Scoach Europa AG was renamed Börse Frankfurt Zertifikate AG as at 1 November Scoach Holding S.A. was renamed Börse Frankfurt Zertifikate Holding S.A. on 12 December Thus this report generally refers to the new names.

22 207 Goodwill from the business combination with Scoach Holding S.A. and Scoach Europa AG Consideration transferred Preliminary goodwill calculation 1 July 2013 m Fair value of equity interest held before the acquisition 15.8 Received cash compensation 0.5 Total consideration 15.3 Acquired assets and liabilities Customer relationships 3.3 Other intangibles assets 0.6 Deferred tax assets on tax loss carried forward 1.2 Trade receivables and other receivables 3.7 Other current assets 6.5 Total assets 15.3 Deferred tax liabilities on temporary differences 1.0 Other liabilities 3.6 Total liabilities 4.6 Total assets and liabilities acquired 10.7 Goodwill (not tax-deductible) 4.6 International Securities Exchange, Inc. established Topaz Exchange, LLC, Dover, USA, effective 29 May The exchange was granted an exchange licence by the SEC on 29 July 2013 and started operating on 5 August It has been included in full in the consolidated financial statements since July Topaz Exchange, LLC was renamed in ISE Gemini, LLC on 18 February Eurex Clearing AG established Eurex Clearing Security Trustee GmbH, Frankfurt/Main, Germany, effective 15 October Since Eurex Clearing AG holds 100 per cent of the voting rights, there is a presumption of control. The subsidiary has been included in full in the consolidated financial statements since its foundation. On 14 November 2013, Deutsche Börse AG established two companies, Deutsche Boerse Asia Holding Pte. Ltd. and Eurex Clearing Asia Pte. Ltd., both domiciled in Singapore, Singapore. As wholly owned subsidiaries of Deutsche Börse AG, the two companies have been included in full in the consolidated financial statements since their foundation.

23 208 Effective 10 January 2014, Deutsche Börse AG acquired a 100 per cent interest in Impendium Sys-tems Ltd., domiciled in London, United Kingdom, at a purchase price of 3.2 million plus a revenue-dependent purchase price component of 5.2 million. Since Deutsche Börse AG is the only shareholder, there is a presumption of control. The subsidiary has been included in full in the consolidated financial statements since the first quarter of Purchase price allocation had not been completed at the time of preparing these consolidated financial statements. Associates and joint ventures Company, domicile Segment Equity interest as at 31 Dec 2013 direct (indirect) Currency Ordinary share capital Assets Liabilities Sales revenue 2013 Net profit/loss 2013 % thousands thousands thousands thousands thousands Associate since Deutsche Börse Commodities GmbH, Germany Xetra ,000 1,280,718 1) 1,277,891 1) 4,363 1) 672 1) 2007 European Energy Exchange AG2) 3) Germany Eurex (62.57) 40, ,941 1) 821,240 1) 62,219 1) 13,683 1) 1999 ID s SAS, France Eurex ,000 3,348 1) 580 1) 2,389 1) 509 1) 2010 Digital Vega FX Ltd., United Kingdom Indexium AG, Switzerland Market Data + Services GBP ) 701 4) 138 4) 458 4) 2011 Market Data + Services CHF ,709 21,333 8, Phineo gag, Germany Xetra ) 50 1,332 1) 109 1) 156 1) 198 1) 2010 Direct Edge Holdings, LLC, USA Eurex (9.50) US$ 145,910 6) 221,475 75, ,079 16,339 9 Feb 2012 The Options Clearing Corporation, USA Eurex (20.00) US$ 600 7) 2,953,365 7) 2,941,732 7) 157,232 7) 3,563 7) 2007 Hanweck Associates, LLC, USA Eurex (26.44) US$ 693 6) 893 1) 1,586 1) 3,349 1) 793 1) 2010 Tradegate AG Wertpapierhandelsbank, Germany 8) Xetra ,554 47,931 1) 16,957 1) 31,360 1) 4,127 1) 2010 BrainTrade Gesellschaft für Börsensysteme mbh, Germany Xetra ) 1,400 5,895 1) 4,136 1) 8,099 1) 358 1) 1 July 2013 Zimory GmbH, Germany Deutsche Börse Cloud Exchange AG, Germany 10) Market Data + Services ) 11,566 1) 641 1) 1,419 1) 5,285 1) 17 May 2013 Market Data + Services ) 50 9, May 2013 Global Markets Exchange Group International, LLP, United Kingdom Eurex GBP 4,025 6) 20, Oct ) Preliminary figures 2) Subgroup figures 3) There was no control in financial year ) Shortened financial year; period ended 30 November ) In addition, Deutsche Börse AG holds an interest in Phineo Pool GbR, Berlin, Germany, which holds a 48 per cent stake in Phineo gag. This interest is jointly managed. 6) Value of equity 7) Figures as at 31 December ) As at the balance sheet date the fair value of the stake in the listed company amounted to 6.6 million. 9) Thereof, per cent held directly and per cent indirectly via Börse Frankfurt Zertifikate AG. 10) Deutsche Börse Cloud Exchange AG is part of the Zimory GmbH subgroup. 11) In addition, per cent held indirectly via Zimory GmbH.

24 209 In financial year 2013, Eurex Zürich AG acquired a further 2,573,356 shares in European Energy Exchange AG (EEX), increasing its interest from per cent to per cent. The total purchase price of the tranches acquired amounted to 15.4 million. The purchase price allocation resulted in additional goodwill of 1.5 million. Since Deutsche Börse Group does not have a majority on the Supervisory Board of EEX in the year under review, it cannot exercise control; therefore the company was included as an associate in Deutsche Börse Group s consolidated financial statements. Since the Chairman of the Supervisory Board, who is appointed by Eurex Zürich AG, has a casting vote on the Supervisory Board of European Energy Exchange AG as from 1 January 2014, Eurex Zürich AG exercises control over EEX as from that date. The company has been fully consolidated since 1 January The following assets and liabilities were identified during purchase price allocation, which had not been completed at the time these consolidated financial statements were prepared: Goodwill resulting from taking control over European Energy Exchange AG as at 1 January 2014 Consideration transferred Preliminary goodwill calculation 1 Jan 2014 m Fair value of equity interest held before taking control over European Energy Exchange AG Acquired bank balances 61.6 Total consideration 77,8 Acquired assets and liabilities Customer relationships 69.8 Other intangibles assets 13.4 Financial assets 44.8 Other non-current assets 2.0 Deferred tax assets 4.8 Other current assets 82.6 Deferred tax liabilities on temporary differences 24.7 Other non-current liabilities 0.8 Other current liabilities 79.3 Remeasurement of non-controlling interests 72.4 Total assets and liabilities acquired 40.2 Goodwill (not tax-deductible) 37.6 If EEX had already been consolidated as of 1 January 2013, the net revenue would have increased by 47.1 million and earnings before taxes (EBT) would have increased by 9.1 million.

25 210 On 17 May 2013, Deutsche Börse AG acquired a per cent interest carrying voting rights in Zimory GmbH, Berlin, Germany, at a price of 10.0 million. The purchase price includes goodwill amounting to 5.8 million. Since Deutsche Börse AG exercises significant influence within the meaning of IAS 28.6 (a) by virtue of its membership in the Board of Directors, Zimory GmbH has been classified as an associate and is accounted for using the equity method. Effective 17 May 2013, Deutsche Börse AG and Zimory GmbH established Deutsche Börse Cloud Exchange AG, Eschborn, Germany, in which Deutsche Börse AG holds a per cent interest. As Deutsche Börse AG exercises significant influence within the meaning of IAS 28.6 (a) by virtue of its membership of the Board of Directors, the company has been classified as a joint venture and is accounted for using the equity method. As a result of the termination by SIX Swiss Exchange AG of the cooperation agreement governing the equity investment in Scoach Holding S.A. and the resulting increase in Deutsche Börse AG s interest in Scoach Holding S.A. to 100 per cent, Deutsche Börse Group acquired, effective 1 July 2013, significant influence over Brain- Trade Gesellschaft für Börsensysteme mbh within the meaning of IAS 28.6 (a) by virtue of its membership of the Board of Directors. Since then, BrainTrade Gesellschaft für Börsensysteme mbh has been classified as an associate and is accounted for using the equity method. Direct Edge Holdings, LLC and BATS Global Markets, Inc. had entered into a merger agreement in August This agreement was not legally completed by 31 December On completion, International Securities Exchange Holdings, Inc. (ISE), New York, USA, was to surrender an interest of per cent in Direct Edge Holdings, LLC and ultimately hold 9.5 per cent of the merged company. Against this background, a portion of the investment in Direct Edge Holdings, LLC, which was previously classified as an associate, was classified as held for sale in the third quarter of 2013, the remaining portion continued to be classified as an associate. On 31 January 2014, the transaction was completed. On 24 October 2013, Deutsche Börse AG acquired 50,000 class B shares of Global Markets Exchange Group International LLP, London, United Kingdom, for a purchase price of 4.0 million and as a result holds per cent of the shares. The transaction resulted in goodwill of 3.1 million. As Deutsche Börse AG exercises significant influence within the meaning of IAS 28.6 (a) by virtue of its membership of the Board of Directors, Global Markets Exchange Group International LLP has since been classified as an associate and is accounted for using the equity method. Where Deutsche Börse Group s share of the voting rights in a company amounts to less than 20 per cent, Deutsche Börse Group s significant influence is exercised in accordance with IAS 28.6 (a) through the Group s representation on the Supervisory Board or the board of directors of the following companies as well as through corresponding monitoring systems: Deutsche Börse Commodities GmbH, Frankfurt/Main, Germany Digital Vega FX Ltd., London, United Kingdom Phineo gag, Berlin, Germany Tradegate AG Wertpapierhandelsbank, Berlin, Germany

26 Summary of key accounting policies Deutsche Börse AG s consolidated financial statements have been prepared in euros, the functional currency of Deutsche Börse AG. Unless stated otherwise, all amounts are shown in millions of euros ( m). The annual financial statements of subsidiaries included in the consolidated financial statements have been prepared on the basis of the Group-wide accounting principles based on IFRSs that are described in the following. They were applied consistently to the periods shown. Adjustments to accounting policies In the previous year, repo and options transactions in the item Financial instruments of Eurex Clearing AG were only reported on a net basis if outstanding transactions were settled with an identical offsetting transaction. As at 31 December 2013, outstanding repo and options transactions are netted if a clearing member has offsetting corresponding transactions with the central counterparty with the same settlement date. Prioryear figures have been adjusted accordingly. As a result, the financial instruments of Eurex Clearing AG item has declined by 21.7 billion on both the assets and the liabilities side of the balance sheet. For details see note 15. In January 2013, Deutsche Börse Group extended its product portfolio to include repo transactions with a maturity greater than one year. Accordingly, the item Financial instruments of Eurex Clearing AG was split into non-current and current. Following the new management structure, the reporting segments were changed as at 1 January 2013 and prior-year figures have been adjusted accordingly. Recognition of revenue and expenses Trading, clearing and settlement fees are recognised on the trade day and billed on a monthly basis. Custody revenue and revenue for systems development and systems operation are generally recognised ratably and billed on a monthly basis. Sales of price information are billed on a monthly basis. Fees charged to trading participants in connection with International Securities Exchange, LLC s and ISE Gemini LLC s expenses for supervision by the U.S. Securities and Exchange Commission (SEC) are recognised at the settlement date. International Securities Exchange, LLC and ISE Gemini, LLC earn market data revenue from the sale of trade and quote information on options through the Options Price Reporting Authority, LLC (OPRA, the regulatory authority responsible for distributing market data revenues among the US options exchanges). Pursuant to SEC regulations, US exchanges are required to report trade and quote information to OPRA. International Securities Exchange, LLC and ISE Gemini, LLC earn a portion of the income of the US option exchange association based on its share of eligible trades for option securities. Revenue is recorded as transactions occur on a trade date basis and is collected quarterly. As a rule, rebates are deducted from sales revenue. They are recognised as an expense under volume-related costs to the extent that they exceed the associated sales revenue. This item also comprises expenses that depend on the number of certain trade or settlement transactions, the custody volume,

27 212 or the Global Securities Financing volume, or that result from revenue sharing agreements or maker-taker pricing models. Volume-related costs no longer occur if the corresponding revenue is no longer generated. Interest income and expenses are recognised using the effective interest method over the respective financial instrument s term to maturity. Interest income is recognised when it is probable that the economic benefits associated with the transaction will flow to the entity and the income can be measured reliably. Interest expenses are recognised as an expense in the period in which they are incurred. Interest income and expenses from banking business are netted in the consolidated income statement and disclosed separately in note 4. Dividends are recognised in the result from equity investments if the right to receive payment is based on legally assertable claims. The consolidated income statement is structured using the nature-of-expense method. Research and development costs Research costs are expensed in the period in which they are incurred. Development costs are capitalised, provided that they satisfy the recognition criteria set out in IAS 38. These development costs include direct labour costs, costs of purchased services and workplace costs, including proportionate overheads that can be directly attributed to the preparation of the respective asset for use, such as costs for the software development environment. Development costs that do not meet the requirements for capitalisation are recognised in the consolidated income statement. Interest expense that cannot be allocated directly to one of the developments is recognised in profit or loss in the year under review and not included in capitalised development cost. If research and development costs cannot be separated, the expenditures are recognised as expenses in the period in which they are incurred. All development costs (both primary costs and costs incurred subsequently) are allocated to projects. The projects are broken down into the following phases in order to decide which cost components need capitalising and which do not: Non-capitalised phases 1. Design Definition of product design Specification of the expected economic benefit Initial cost and revenue forecast Capitalised phases 2. Detailed specifications Compilation and review of precise specifications Troubleshooting process 3. Building and testing Software programming Product testing Non-capitalised phases 4. Acceptance Planning and implementation of acceptance tests

28 Simulation Preparation and implementation of simulation Compilation and testing of simulation software packages Compilation and review of documents 6. Roll-out Planning of product launch Compilation and dispatch of production systems Compilation and review of documents In accordance with IAS 38, only tasks belonging to the detailed specifications and building and testing phases are capitalised. All other phases of software development projects are expensed. Intangible assets Capitalised development costs are amortised from the date of first use of a software using the straight-line method over its expected useful life. The useful life of internally developed software is generally assumed to be five years; a useful life of seven years is used as the basis in the case of newly developed trading platforms and clearing systems. Purchased software is carried at cost and reduced by systematic amortisation and, where necessary, impairment losses. Amortisation is charged using the straight-line method over the expected useful life or at most until the right of use has expired. Useful life of software Asset Standard software Purchased custom software Internally developed custom software Amortisation period 3 to 10 years 3 to 6 years 3 to 7 years Intangible assets are derecognised on disposal or when no further economic benefits are expected to flow from them. The amortisation period for intangible assets with finite useful lives is reviewed at least at the end of each financial year. If the expected useful life of an asset differs from previous estimates, the amortisation period is adjusted accordingly. Goodwill is recognised at cost and tested at least once a year for impairment. The cost of the other intangible assets acquired in the course of business combinations corresponds to the fair value as at the acquisition date. Assets with a finite useful life are amortised using the straight-line method over the expected useful life. Assets with an indefinite useful life are tested for impairment at least once a year.

29 214 Useful life of other intangible assets arising out of business combinations Asset ISE s exchange licence Member relationships Customer relationships ISE trade name STOXX trade name Historical data Amortisation period indefinite 30 years 8 to 30 years 10 years indefinite 5 years As ISE s exchange licence has an indefinite term and ISE expects to retain the licence as part of its overall business strategy, the useful life of this asset is classified as indefinite. The STOXX trade name includes the trade name itself, the index methodologies and the Internet domains because these can generally not be transferred separately. There are no indications that time limitations exist with regard to the useful life of the STOXX trade name. A review is performed each reporting period to determine whether the events and circumstances still justify classifying as indefinite the useful lives of ISE s exchange licence and the STOXX trade name. Property, plant and equipment Depreciable property, plant and equipment is carried at cost less cumulative depreciation. The straight-line depreciation method is used. Costs of an item of property, plant and equipment comprise all costs directly attributable to the production process, as well as an appropriate proportion of production overheads. Financing costs were not recognised in the year under review, as they could not be directly allocated to any particular development. Useful life of property, plant and equipment Asset Computer hardware Office equipment Leasehold improvements Depreciation period 3 to 5 years 5 to 25 years based on lease term Repair and maintenance costs are expensed as incurred. If it is probable that the future economic benefits associated with an item of property, plant and equipment will flow to the Group and the cost of the respective asset can be reliably determined, expenditure subsequent to acquisition is added to the carrying amount of the asset as incurred. The carrying amounts of the parts of the asset that have been replaced are derecognised. Impairment losses on property, plant and equipment and intangible assets Specific non-current non-financial assets are tested for impairment. At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. In this case, the

30 215 carrying amount is compared with the recoverable amount (the higher of value in use and fair value less costs of disposal) to determine the amount of any potential impairment. The value in use is estimated on the basis of the discounted estimated future cash flows from continuing use of the asset and from its ultimate disposal, before taxes. For this purpose, discount rates are estimated based on the prevailing pre-tax weighted average cost of capital. If no recoverable amount can be determined for an asset, it is allocated to a cash-generating unit, for which the recoverable amount is calculated. Irrespective of any indications of impairment, intangible assets with indefinite useful lives and intangible assets not yet available for use must be tested for impairment annually at least. Impairment tests are performed where there are indications of impairment. If the estimated recoverable amount is lower than the carrying amount, an impairment loss is recognised, and the net book value of the asset is reduced to its estimated recoverable amount. Goodwill is allocated to identifiable groups of assets (cash-generating units) or groups of cash-generating units that create synergies from the respective acquisition. This corresponds to the lowest level at which Deutsche Börse Group monitors goodwill. An impairment loss is recognised if the carrying amount of the cash-generating unit to which goodwill is allocated (including the carrying amount of this goodwill) is higher than the recoverable amount of this group of assets. The impairment loss is first allocated to the goodwill, then to the other assets in proportion to their carrying amounts. A review is conducted at every balance sheet date to see whether there is any indication that an impairment loss recognised on non-current assets (excluding goodwill) in the previous years no longer applies. If this is the case, the carrying amount of the asset is increased and the difference is recognised in profit or loss.the maximum amount of this reversal is limited to the carrying amount that would have resulted if no impairment loss had been recognised in previous periods. Impairment losses on goodwill are not reversed. Financial investments Financial investments comprise investments in associates and financial assets. Investments in associates consist of investments in joint ventures and other associates. They are measured at cost on initial recognition and accounted for using the equity method upon subsequent measurement. Financial assets ( Finanzielle Vermögenswerte ) For Deutsche Börse Group, financial assets are, in particular, other equity investments, receivables and securities from banking business, other financial instruments and other loans, financial instruments of Eurex Clearing AG, receivables and other assets as well as bank balances.

31 216 Recognition of financial assets Financial assets are recognised when a Group company becomes a party to the contractual provisions of the instrument. They are generally recognised at the trade date. Loans and receivables from banking business, available-for-sale financial assets from banking business as well as purchases and sales of equities via the central counterparty (i.e. Eurex Clearing AG) are recognised at the settlement date. Financial assets are initially measured at fair value; in the case of a financial asset that is not measured at fair value through profit or loss in subsequent periods, this includes transaction costs. Subsequent measurement of financial assets Subsequent measurement of financial instruments follows the categories which are described below. As in previous years, Deutsche Börse Group did not take advantage of the option to allocate financial assets to the held-to-maturity investments category in the year under review. In addition, the Group waived the possibility to designate financial assets at fair value through profit and loss (fair value option). The financial assets are allocated to the respective categories at initial recognition. Assets held for trading Derivatives that are not designated as hedging instruments as well as financial instruments of Eurex Clearing AG (see details below) are measured at fair value through profit or loss. Apart from financial instruments of Eurex Clearing AG this category includes in particular interest rate swaps, currency swaps and forward foreign exchange transactions. If they are settled within one year, they are allocated to current assets. All other financial assets are allocated to non-current assets. Fair value of these derivatives is calculated based on observable current market rates. If resulting from banking business, realised and unrealised gains and losses are immediately recognised in the consolidated income statement as other operating income and other operating expenses or, if incurred outside the banking business, as financial income and financial expenses. Loans and receivables Loans and receivables comprise in particular current and non-current receivables from banking business, trade receivables as well as other current receivables. They are recognised at amortised cost, taking into account any potential impairment losses, if applicable. Premiums and discounts are included in the amortised cost of the instrument concerned and are amortised using the effective interest method; they are contained in net interest income from banking business if they relate to banking business, or in financial income and financial expense. Available-for-sale financial assets Non-derivative financial assets are classified as available-for-sale financial assets, if they cannot be allocated to the loans and receivables and assets held for trading categories. These assets comprise debt and equity investments recognised in the other equity investments and other financial instruments items as well as debt instruments recognised in the current and non-current receivables and securities from banking business items. Available-for-sale financial assets are generally measured at the fair value observable in an active market. Unrealised gains and losses are recognised directly in equity in the revaluation surplus. Impairment and effects of exchange rates on monetary items are excluded from this general rule; they are recognised in profit or loss.

32 217 Equity instruments for which no active market exists are measured on the basis of current comparable market transactions, if these are available. If an equity instrument is not traded in an active market and alternative valuation methods cannot be applied to that equity instrument, it is measured at cost, subject to an impairment test. Realised gains and losses are generally recognised under financial income or financial expense. Interest income is recognised in the consolidated income statement in net interest income from banking business based on the effective interest rate method. Other realised gains and losses are recognised in the consolidated income statement in other operating income and other operating expenses. If debt instruments of banking business are hedged instruments under fair value hedges, hedge accounting is applied for fair value adjustments corresponding to the hedged item (see Fair value hedges section below). Derecognition of financial assets Financial assets are derecognised when the contractual rights to the cash flows expire or when substantially all the risks and rewards of ownership of the financial assets are transferred. Clearstream Banking S.A. acts as principal in securities borrowing and lending transactions in the context of the ASLplus securities lending system. Legally, it operates between the lender and the borrower without being an economic contracting partner (transitory items). In these transactions, the securities borrowed and lent match each other. Consequently, these transactions are not recognised in the consolidated balance sheet. Impairment of financial assets Financial assets that are not measured at fair value through profit or loss are reviewed at each balance sheet date to establish whether there is any indication of impairment. Deutsche Börse Group has laid down criteria for assessing whether there is evidence of impairment. These criteria primarily include significant financial difficulties on the part of the debtor and breaches of contract. The amount of an impairment loss for a financial asset measured at amortised cost is the difference between the carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. A subsequent reversal is recognised at a maximum at the carrying amount that would have resulted if no impairment loss had been recognised. The amount of an impairment loss for a financial asset measured at cost (equity instruments that are non-listed) is the difference between the carrying amount and the present value of the estimated future cash flows, discounted at a current market interest rate. Subsequent reversal is not permitted. In the case of available-for-sale financial assets, the impairment loss is calculated as the difference between cost and fair value. Any reduction in fair value already recognised in equity is reclassified to profit or loss upon determination of the impairment loss. A subsequent reversal may only be recognised for debt instruments if the reason for the original impairment loss no longer applies.

33 218 Financial liabilities Financial liabilities relate primarily to interest-bearing liabilities, other non-current liabilities, liabilities from banking business, financial instruments of Eurex Clearing AG, cash deposits by market participants as well as trade payables. They are recognised when a Group company becomes a contracting party to the instrument. They are generally recognised at the trade date. Purchases and sales of equities via the central counterparty (i.e. Eurex Clearing AG) are recognised at the settlement date. Netting of financial assets and liabilities Financial assets and liabilities are offset and only the net amount is presented in the consolidated balance sheet when a Group company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial liabilities not measured at fair value through profit and loss Financial liabilities not held for trading are carried at amortised cost. These liabilities comprise issued bonds and private placements. The borrowing costs associated with the placement of financial liabilities are included in the carrying amount, within the framework of the effective interest method, if they are directly attributable. Discounts reduce the carrying amount of liabilities and are amortised over the term of the liabilities. Financial liabilities measured at fair value through profit and loss A forward transaction with a non-controlling shareholder for the acquisition of non-controlling interests that is settled in cash or by delivering other financial assets is a financial liability recognised at fair value. It is subsequently measured at fair value through profit and loss. The equity interest attributable to a non-controlling shareholder underlying the transaction is accounted for as if it had already been acquired at the time of the transaction. Derivatives and hedges Derivatives are used to hedge interest rate risk or foreign exchange risk. All derivatives are carried at their fair values. The fair value of interest rate swaps is determined on the basis of current observable market interest rates. The fair value of forward foreign exchange transactions is determined on the basis of forward foreign exchange rates at the balance sheet date for the remaining period to maturity. Hedge accounting is used for derivatives that are part of a hedging relationship determined to be highly effective and for which certain conditions are met. This relates in particular to the documentation of the hedging relationship and the risk strategy and to how reliably the effectiveness can be measured. Cash flow hedges The portion of the gain or loss on the hedging instrument determined to be highly effective is recognised directly in equity. This gain or loss ultimately adjusts the value of the hedged cash flow, i.e. the gain or loss from the hedging instrument is recognised in profit or loss when the hedged item is recognised in the balance sheet or in profit or loss. The ineffective portion of the gain or loss is recognised immediately in the consolidated income statement.

34 219 Fair value hedges The gain or loss on the hedging instrument, together with the gain or loss on the hedged item (underlying) attributable to the hedged risk, is recognised immediately in the consolidated income statement. Any gain or loss on the hedged item adjusts its carrying amount. Hedges of a net investment in a foreign operation The effective portion of the gain or loss from a hedging transaction that is designated as a highly effective hedge is recognised directly in equity. It is recognised in profit or loss when the foreign operation is sold. The ineffective portion of the gain or loss is recognised immediately in the consolidated income statement. Derivatives that are not part of a hedging relationship Gains or losses on derivative instruments that are not part of a highly effective hedging relationship are recognised immediately in the consolidated income statement. Financial instruments of Eurex Clearing AG (central counterparty) Eurex Clearing AG acts as the central counterparty and guarantees the settlement of all transactions involving futures and options on the Eurex exchanges (Eurex Deutschland and Eurex Zürich AG). As the central counterparty, it also guarantees the settlement of all transactions for Eurex Bonds (bond trading platform) and Eurex Repo (repo trading platform), certain exchange transactions in equities on Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange) and certain cash market transactions on the Irish Stock Exchange. In addition, Eurex Clearing AG guarantees the settlement of all OTC (over-the-counter, i.e. off-exchange) transactions entered in the trading system of the Eurex exchanges, Eurex Bonds, Eurex Repo, the Frankfurt Stock Exchange and the Irish Stock Exchange. These transactions are only executed between Eurex Clearing AG and a clearing member. In accordance with IAS 39, purchases and sales of equities and bonds via the central counterparty are recognised and simultaneously derecognised at the settlement date. For products that are marked to market (futures and options on futures), Eurex Clearing AG recognises gains and losses on open positions of clearing members on each exchange day. By means of the variation margin, profits and losses on open futures positions resulting from market price fluctuations are settled on a daily basis. The difference between this and other margin types is that the variation margin does not comprise collateral, but is a daily offsetting of profits and losses in cash. In accordance with IAS 39, futures are therefore not reported in the consolidated balance sheet. For future-style options, the option premium is not required to be paid in full until the end of the term or upon exercise. Option premiums are carried in the consolidated balance sheet as receivables and liabilities at their fair value on the trade date. Traditional options, for which the buyer must pay the option premium in full upon purchase, are carried in the consolidated balance sheet at fair value. Fixed-income bond forwards are recognised as derivatives and carried at fair value until the settlement date. Receivables and liabilities from repo transactions are classified as held for trading and carried at fair value. Receivables and liabilities from variation margins and cash collateral that is determined on the reporting date and only paid on the following day are carried at their nominal amount.

35 220 The financial instruments of Eurex Clearing AG are reported as non-current if the remaining maturity of the underlying transactions exceeds twelve months at the reporting date. The fair values recognised in the consolidated balance sheet are based on daily settlement prices. These are calculated and published by Eurex Clearing AG in accordance with the rules set out in the contract specifications (see also the clearing conditions of Eurex Clearing AG). Cash or securities collateral of Eurex Clearing AG As Eurex Clearing AG guarantees the settlement of all traded contracts, it has established a multi-level collateral system. The central pillar of the collateral system is the determination of the overall risk per clearing member (margin) to be covered by cash or securities collateral. Losses calculated on the basis of current prices and potential future price risks are covered up to the date of the next collateral payment. In addition to these daily collateral payments, each clearing member must make contributions to the clearing fund (for further details, see the risk report in the combined management report). Cash collateral is reported in the consolidated balance sheet under cash deposits by market participants and the corresponding amounts under restricted bank balances. In accordance with IAS (b) in conjunction with IAS 39.37, securities collateral is not derecognised by the clearing member providing the collateral, as the transfer of securities does not meet the conditions for derecognition. Treasury shares The treasury shares held by Deutsche Börse AG at the reporting date are deducted directly from shareholders equity. Gains or losses on treasury shares are taken directly to equity. The transaction costs directly attributable to the acquisition of treasury shares are accounted for as a deduction from shareholders equity (net of any related income tax benefit). Other current assets Receivables, other assets, and cash and cash equivalents are carried at their nominal amount. Adequate valuation allowances take account of identifiable risks. Restricted bank balances include cash deposits by market participants which are invested largely overnight, mainly in the form of reverse repurchase agreements with banks. Non-current assets held-for-sale Non-current assets that are available for immediate sale in their present condition and whose sale is highly probable within a reasonable period of time are classified as non-current assets held for sale. A transaction is highly probable if measures for the sale have already been initiated and the relevant bodies have adopted the corresponding resolutions.

36 221 Pensions and other employee benefits Pensions and other employee benefits relate to defined contribution and defined benefit pension plans. Defined contribution pension plans There are defined contribution plans as part of the occupational pension system via pension funds and similar pension institutions, as well as on the basis of the 401(k) plan. In addition, contributions are paid to the statutory pension insurance scheme. The level of contributions is normally determined in relation to income. No provisions are recognised for defined contribution plans. The contributions paid are reported as pension expenses in the year of payment. There are defined contribution pension plans for employees working in Germany, Luxembourg, the Czech Republic, the UK and the USA. In addition, the employer pays contributions to employees private pension funds. Defined benefit plans Provisions for pension obligations are measured, separately for each pension plan, using the projected unit credit method on the basis of actuarial reports. The fair value of plan assets, taking into account the asset ceiling rules if there are any surplus plan assets, is deducted from the present value of pension obligations. This results in the net defined benefit liability or asset. Net interest for the financial year is calculated by applying the discount rate determined at the beginning of the financial year to the net defined benefit liability determined as at that date. The relevant discount rate is determined by reference to the return on long-term corporate bonds with a rating of at least AA (Moody s Investors Service, Standard & Poor s, Fitch Ratings and Dominion Bond Rating Service) on the basis of the information provided by Bloomberg, and a maturity that corresponds approximately to the maturity of the pension obligations. Moreover, the bonds must be denominated in the same currency as the underlying pension obligation. Measurement of the pension obligations in euros is based on a discount rate of 3.4 per cent, which is determined according to the Towers Watson GlobalRate:Link methodology (updated in line with the current market trend). Actuarial gains or losses resulting from changes in expectations with regard to life expectancy, pension trends, salary trends, or the discount rate as compared with the estimate at the beginning of the period or compared with the actual development during the period are recognised directly in other comprehensive income. Actuarial gains and losses recognised in other comprehensive income may not be reclassified to profit or loss in subsequent periods. Similarly, differences between the (interest) income on plan assets determined at the beginning of the period and the return on plan assets actually recorded at the end of the period are also recognised directly in other comprehensive income. The actuarial gains or losses and the difference between the expected and the actual return or loss on plan assets are recognised as revaluation surplus. Other long-term benefits for employees and members of executive boards (total disability pension, tran-sitional payments and surviving dependents pensions) are also measured using the projected unit credit method. Actuarial gains and losses and past service cost are recognised immediately and in full through profit or loss.

37 222 Other provisions Provisions are recognised if the Group has a present obligation from an event in the past, an outflow of resources with economic benefit to settle the obligation is probable and it is possible to reliably estimate the amount of this obligation. The amount of the provision corresponds to the best possible estimate of the expense which is necessary to settle the obligation at the balance sheet date. A provision for restructuring is only recognised when an entity has a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the restructuring measures will be implemented, for example by starting to implement that plan or announcing its main features to those affected by it. Contingent liabilities are not recognised, but disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Share-based payment Deutsche Börse Group operates the Group Share Plan and the Stock Bonus Plan (SBP), which provide share-based payment components for employees, senior executives and executive board members. Group Share Plan Under the Group Share Plan, shares are granted at a discount to the market price. The expense of this discount is recognised in the income statement at the grant date. Stock Bonus Plan (SBP) The SBP shares are generally accounted for as share-based payments for which Deutsche Börse AG has a choice of settlement in cash and equity instruments. In financial year 2013, as in the previous years, a standard contract was drafted to settle the tranche due in the following year in cash. Under these circumstances, there is at present a presumption in accordance with IFRS 2 that all SBP shares will be settled in cash. Accordingly, Deutsche Börse Group has measured the SBP shares as cash-settled share-based payment transactions.the cost of the options is estimated using an option pricing model (fair value measurement) and recognised in staff costs in the income statement. Any right to payment of a stock bonus only vests after the expiration of the service or performance period on which the plan is based. A separate variable share-based payment has been agreed for Deutsche Börse AG s Executive Board since financial year The number of virtual shares for each Executive Board member is calculated on the basis of Deutsche Börse AG s average share price in the two months preceding the point in time at which the Supervisory Board establishes the 100 per cent target value for the variable share component. The calculation of the subsequent payout amount of the stock bonus depends on the change in relative shareholder return and Deutsche Börse AG s share price performance. Claims under this stock bonus programme are settled in cash after the expiration of the three-year performance period. Deferred tax assets and liabilities Deferred tax assets and liabilities are computed using the balance sheet approach. The deferred tax calculation is based on temporary differences between the carrying amounts in the tax accounts and the carrying amounts in the IFRS financial statements that lead to a future tax liability or benefit when assets are used or sold or liabilities are settled.

38 223 The deferred tax assets or liabilities are measured using the tax rates that are currently expected to apply when the temporary differences reverse, based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for the carryforward of unused tax losses only to the extent that it is probable that future taxable profit will be available. Deferred tax assets and deferred tax liabilities are offset where a legally enforceable right to set off current tax assets against current tax liabilities exists and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority. Leases Leases are classified as operating leases or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the asset from the lessor to the lessee. All other leases are classified as operating leases. Leased assets and the associated liabilities are recognised at the lower of fair value and the present value of the minimum lease payments if the criteria for classification as a finance lease are met. The leased asset is depreciated or amortised using the straight-line method over its useful life or the lease term, if shorter. In subsequent periods, the liability is measured using the effective interest method. Expenses incurred in connection with operating leases are recognised as an expense on a straight-line basis over the lease term. Consolidation All subsidiaries directly or indirectly controlled by Deutsche Börse AG are included in Deutsche Börse AG s consolidated financial statements. Deutsche Börse Group controls a company if it is exposed to variable returns resulting from its involvement with the company in question or has rights to such returns and is able to influence them by using its power over the company. Initial consolidation of subsidiaries in the course of business combinations uses the purchase method. The acquiree s identifiable assets, liabilities and contingent liabilities are recognised at their fair values at the acquisition date. Any excess of cost over the acquirer s interest in the fair value of the subsidiary s net identifiable assets is recognised as goodwill. Goodwill is reported in subsequent periods at cost less accumulated impairment losses. Intragroup assets and liabilities are eliminated. Income arising from intragroup transactions is eliminated against the corresponding expenses. Profits or losses arising from deliveries of intragroup goods and services, as well as dividends distributed within the Group, are eliminated. Deferred taxes are recognised for consolidation adjustments where these are expected to reverse in subsequent years. Interests in equity attributable to non-controlling interest shareholders are carried under non-controlling interests within equity. Where these are classified as puttable instruments, they are reported under liabilities.

39 224 Currency translation Transactions denominated in a currency other than a company s functional currency are translated into the functional currency at the spot exchange rate applicable at the transaction date. At the balance sheet date, monetary balance sheet items in foreign currency are measured at the exchange rate at the balance sheet date, while non-monetary balance sheet items recognised at historical cost are measured at the exchange rate on the transaction date. Non-monetary balance sheet items measured at fair value are translated at the closing rate on the valuation date. Exchange rate differences are recorded as other operating income or expense in the period in which they arise unless the underlying transactions are hedged. Gains and losses from a monetary item that forms part of a net investment in a foreign operation are recognised directly in accumulated profit. The annual financial statements of companies whose functional currency is not the euro are translated into the reporting currency as follows: assets and liabilities are translated into euros at the closing rate. The items in the consolidated income statement are translated at the average exchange rates for the period under review. Resulting exchange differences are recognised directly in accumulated profit. When the relevant subsidiary is sold, these exchange differences are recognised in consolidated profit for the period in which the deconsolidation gain or loss is realised. The following euro exchange rates of consequence to Deutsche Börse Group were applied: Exchange rates Average rate 2013 Average rate 2012 Closing price as at 31 Dec 2013 Closing price as at 31 Dec 2012 Swiss francs CHF US dollars USD (US$) Czech koruna CZK Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising from initial consolidation are reported in the functional currency of the foreign operation and translated at the closing rate. Key sources of estimation uncertainty and management judgements The application of accounting policies, presentation of assets and liabilities and recognition of income and expenses requires the Executive Board to make certain judgements and estimates. Adjustments in this context are taken into account in the period the change was made as well as in subsequent periods, where necessary. Impairment Deutsche Börse Group tests goodwill and intangible assets with indefinite useful lives for impairment at least once a year. Certain assumptions have to be made to determine the recoverable amount, which is calculated regularly using discounted cash flow models. This is based on the relevant business plans

40 225 with a time horizon of 3 to 5 years. These plans in turn contain projections of the future financial performance of the cashgenerating units. If their actual financial performance fails to meet these expectations, corresponding adjustments may be necessary. For further information on the effects of changes in the discount rate and further assumptions, please see note 11. Pensions and other employee benefits Pensions and other employee benefits are measured using the projected unit credit method, which calculates the actuarial present value of the accumulated benefit obligation. Calculating the present value requires certain actuarial assumptions (such as the discount rate, staff turnover rate, salary and pension trends) to be made. The current service cost and the net interest expense or income for the subsequent period are calculated on the basis of these assumptions. Any departures from these assumptions, for example because of changes in the macroeconomic environment, are recognised in other comprehensive income in the following financial year. A sensitivity analysis of the key factors is presented in note 22. Income taxes Deutsche Börse Group is subject to the tax laws of those countries in which it operates and generates income. Considerable management judgement has to be exercised in determining the tax provisions. For a large number of transactions and calculations, no definitive tax-relevant information is available at the time these figures are determined. Deutsche Börse Group recognises corresponding provisions for risks expected from external tax audits. If the final results of these external audits differ from the estimates, the resulting effects on current and deferred taxes are recognised in the period in which they become known. Legal risks Deutsche Börse AG or its group companies are subject to litigation. Such litigation may lead to orders to pay against the entities of the group. If it is more likely than not that an outflow of resources will occur, a provision will be recognised based on an estimate of the most probable amount necessary to settle the obligation if such amount is reasonably estimable. Management judgement includes the determination whether there is a possible obligation from past events, the evaluation of the probability that an outflow will occur and the estimation of the potential amount. As the outcome of litigation is usually uncertain, the judgement is reviewed continuously. For further information on other risks please see note 37. Group Share Plans Note 39 contains disclosures on the valuation model used for the stock options. Where the estimates of the valuation parameters originally applied differ from the actual values available when the options are exercised, adjustments are necessary; such adjustments are recognised in the consolidated income statement for the period if they relate to cash-settled share-based payment transactions. Provisions In addition, the probable utilisation applied when establishing provisions for expected losses from rental agreements is estimated (see note 24). In the creation of personnel-related restructuring provisions, certain assumptions were made with regard to, for example, fluctuation rate, discount rate and salary trends. Should the actual values deviate from these assumptions, adjustments may be necessary.

41 226 Consolidated income statement disclosures 4. Net revenue Composition of net revenue Sales revenue Net interest income from banking business Eurex m m m m Equity index derivatives Interest rate derivatives US options (ISE) Equity derivatives Other assets Xetra Trading 1) Clearing and settlement fees Other assets Clearstream Custody fees Transaction fees Global Securities Financing Net interest income Other assets Market Data + Services Sales of price information 2) Indices Connectivity Technology Services Other assets Total 2, , Consolidation of internal net revenue Group 2, , ) The Trading item includes Börse Frankfurt (formerly Xetra Frankfurt Specialist Trading; Since Q3/2013 following the termination of the Börse Frankfurt Zertifikate Holding S.A. cooperation including certificates and warrants) and the electronic Xetra trading system.

42 227 Other operating income Volume-related costs Net revenue m m m m m m , , , , ) As the products of Market News International Inc. and Need To Know News, LLC have been fully integrated, the sales revenue of these two companies is reported under the sales of price information for the Market Data + Services segment. Prior-year figures have been adjusted accordingly.

43 228 Since the first quarter of 2012, Deutsche Börse Group has been using net revenue as primary key performance indicator for income. This consists of sales revenue plus external net interest income from banking business and other operating income deducing volume-related costs. The increase in volume-related costs is mainly due to methodological factors. Changes to fee models pushed up both volume-related costs and revenue, so that the changes had no impact on earnings overall. As a result of the changes made to Deutsche Börse Group s organisational structure as at 1 January 2013, various products (mainly connectivity and technology services) were transferred from the previous market segments to the new Market Data + Services segment. See also note 35. Prior-year figures have been adjusted accordingly. Composition of net interest income from banking business m m Loans and receivables Financial liabilities measured at amortised cost Available-for-sale financial assets Financial assets or liabilities measured at fair value through profit or loss: Interest income Interest expense Interest income interest rate swaps fair value hedges Interest expense interest rate swaps fair value hedges Total Composition of other operating income m m Income from exchange rate differences Income from settlement of put options 1) Income from agency agreements Rental income from sublease contracts Miscellaneous Total ) See note 14 for further details on the acquisition of Clearstream Fund Services Ireland Ltd. For details of rental income from sublease contracts see note 38. Miscellaneous other operating income includes income from cooperation agreements and from training and valuation adjustments. Volume-related costs comprise partial or advance concessions which Deutsche Börse Group obtains from third parties, which it markets as part of its own value chain, and which indirectly depend on the development of volume trends and sales revenue.

44 Staff costs Composition of staff costs m m Wages and salaries Social security contributions, retirement and other benefits Total Staff costs include costs of 62.6 million (2012: 14.4 million) recognised in connection with efficiency programmes. 6. Other operating expenses Composition of other operating expenses m m Costs related to OFAC settlement Costs for IT services providers and other consulting services IT costs Premises expenses Non-recoverable input tax Advertising and marketing costs Travel, entertainment and corporate hospitality expenses Non-wage labour costs and voluntary social benefits Insurance premiums, contributions and fees Cost of agency agreements Remuneration of supervisory bodies Cost of exchange rate differences Miscellaneous Total Costs for IT services providers and other consulting services relate mainly to expenses in conjunction with software development. An analysis of development costs is presented in note 7. These costs also contain costs of strategic and legal consulting services as well as of audit activities. Composition of fees for the auditor 1) m m Statutory audit Other assurance or valuation services Tax advisory services Other services Total ) With companies of KPMG Europe LLP Group. There are further assignments with other companies of KPMG, in particular in Singapore, the Czech Republic and the USA.

45 Research and development costs Own expenses capitalised relate solely to development costs of internally developed software, involving the following systems and projects in the individual segments: Research and development costs Total expense for software development of which capitalised Eurex m m m m Eurex software Trading platform Xetra/Eurex Eurex Clearing Prisma New trading platform ISE EurexOTC Clear Xetra Xetra software CCP releases Clearstream Collateral Management and Settlement Custody Connectivity Investment funds Market Data + Services Research expense Total

46 Result from equity investments Composition of result from equity investments Equity method-accounted result of associates m m European Energy Exchange AG Direct Edge Holdings, LLC Börse Frankfurt Zertifikate Holding S.A. 1) Tradegate AG Wertpapierhandelsbank ID s SAS Deutsche Börse Commodities GmbH Total income from equity method measurement Zimory GmbH 0.6 n.a. Deutsche Börse Cloud Exchange AG 0.5 n.a. Digital Vega FX Ltd Hanweck Associates, LLC Global Markets Exchange Group International, LLP 0.1 n.a. Indexium AG Link-Up Capital Markets, S.L Total expenses from equity method measurement from associates Result from associates Result due to transition from equity method to consolidation 2.0 n.a. Result from other equity investments Result from equity investments ) Until 12 December 2013 Scoach Holding S.A., see note 2. The result from other equity investments includes impairment losses of 1.6 million (2012: 10.8 million) relating to the investment in Quadriserv Inc. The negative performance is attributable in particular to the continuing difficult capital market environment and the company s declining market share during financial year The result from other equity investments includes income of 0.2 million resulting from the remeasurement in connection with the disposal of the equity investment in Link-Up Capital Markets, S.L, Madrid, Spain. The investment in Link-Up Capital Markets, S.L. had been classified as held for sale since the fourth quarter of Dividends of 10.9 million (2012: 10.1 million) were received from interests in associates and 2.0 million (2012: 2.8 million) from interests in other equity investments in the year under review.

47 Financial result Composition of financial income m m Interest on reverse repurchase agreements categorised as loans and receivables Income from available-for-sale securities Other interest and similar income Interest income from receivables against associates and employees categorised as loans and receivables Interest on bank balances categorised as loans and receivables Interest-like income from revaluation of derivatives held for trading Total Composition of financial expense m m Interest on non-current loans 1) Interest on taxes Expenses from the unwinding of the discount on the pension provisions Interest-like expenses for exchange rate differences on liabilities 1) Interest-like expenses for derivatives held as hedging instruments Transaction costs of non-current liabilities 1) Interest on current liabilities 1) Expenses from the unwinding of the discount on the liability to SIX Group AG 1) Other costs Total ) Measured at amortised cost 10.Income tax expense Composition of income tax expense (main components) Current income taxes: m m of the year under review from previous years ) Deferred tax (income)/expense on temporary differences Total ) This does not include other taxes amounting to 1.1 million. The total current tax expenses in the amount of million include domestic tax expenses of million and foreign tax expenses of 34.6 million (2012: domestic tax expenses million, foreign tax expenses 67.6 million). The total deferred tax income in the amount of 2.1 million include domestic tax expenses of 1.1 million and foreign tax income of 3.2 million (2012: domestic tax expenses 6.3 million, foreign tax income 63.2 million).

48 233 As in the previous year, a tax rate of 26 to 28 per cent was used in the reporting period to calculate deferred taxes for the German companies. This reflects trade income tax at multipliers of 280 to 460 per cent (2012: 280 to 460 per cent) on the tax base value of 3.5 per cent (2012: 3.5 per cent), corporation tax of 15 per cent (2012: 15 per cent) and the 5.5 per cent solidarity surcharge (2012: 5.5 per cent) on the corporation tax. A tax rate of per cent (2012: per cent) was used for the Luxembourgian companies, reflecting trade income tax at a rate of 6.75 per cent (2012: 6.75 per cent) and corporation tax at per cent (2012: per cent). Tax rates of 12.5 to 45 per cent were applied to the companies in China, the Czech Republic, Ireland, Japan, Portugal, Singapore, Spain, Switzerland and the USA (2012: 17 to 45 per cent). The following table shows the carrying amounts of deferred tax assets and liabilities as well as the related tax expenses recognised in income or directly in equity. Composition of deferred taxes Deferred tax assets Deferred tax liabilities Exchange rate differences Deferred tax expense/(income) Tax expense/(income) recognised directly in equity m m m m m m m m m Pension provisions and other employee benefits ) ) Other provisions Interest-bearing liabilities Intangible assets Intangible assets from purchase price allocation Non-current assets 1.7 1) Investment securities ) 6.8 2) Other non-current assets ) 2.8 2) Other liabilities Losses carried forward ) Exchange rate differences ) ) Gross amounts Netting of deferred taxes Total ) Thereof 1.1 million due to changes in the basis of consolidation resulting from the termination of the cooperating agreement governing the investment in Börse Frankfurt Zertifikate Holding S.A. (see also note 2) 2) Separate disclosure in the consolidated statement of changes in equity under revaluation surplus 3) Thereof 1.2 million due to changes in the basis of consolidation resulting from the termination of the cooperating agreement governing the investment in Börse Frankfurt Zertifikate Holding S.A. (see also note 2) 4) Separate disclosure in the consolidated statement of changes in equity under accumulated profit

49 million (2012: 67.4 million) of deferred tax assets and million (2012: million) of deferred tax liabilities have an expected remaining maturity of more than one year. Deferred tax liabilities have not been recognised in respect of the tax on future dividends that may be paid from retained earnings by subsidiaries and associated companies. In accordance with section 8b (5) of the Körperschaftsteuergesetz (KStG, the German Corporation Tax Act), 5 per cent of dividends and similar income received by German companies is treated as nondeductible expenses for tax purposes. The unreported deferred tax liabilities on future dividends of subsidiaries and associates as well as gains from the disposal of subsidiaries and associates amount to 2.3 million. Reconciliation between the expected and the reported tax expense m m Expected income taxes derived from earnings before tax Tax losses utilised and tax-ineffective losses carried forward Recognition of deferred taxes on losses carried forward not yet recognised Tax increases due to other non-tax-deductible expenses Effects resulting from different tax rates Effects from changes in tax rates Tax decreases due to dividends and income from the disposal of equity investments Exchange rate differences Other Income tax expense arising from current year Prior-period income taxes Income tax expense To determine the expected tax expense, earnings before tax have been multiplied by the composite tax rate of 26 per cent assumed for 2013 (2012: 26 per cent). At the end of the financial year, accumulated unused tax losses amounted to million (2012: million), for which no deferred tax assets were recognised. The unused tax losses amounting to million are attributable to domestic losses totalling 6.3 million and to foreign tax losses totalling million (2012: domestic tax losses 7.2 million, foreign tax losses million). Tax losses of 3.6 million were utilised in 2013 (2012: 1.4 million). The losses can be carried forward in Germany subject to the minimum taxation rules, and in Luxembourg indefinitely as the law now stands. Losses in other countries can be carried forward for periods of up to 20 years.

50 235 Consolidated balance sheet disclosures 11.Intangible assets Intangible assets Payments on Purchased software Internally developed software Goodwill account and construction in progress 1) Other intangible assets Total m m m m m m Historical cost as at 1 Jan , , ,198.2 Changes in the basis of consolidation 2) Additions Disposals Reclassifications Exchange rate differences Historical cost as at 31 Dec , , ,172.1 Changes in the basis of consolidation 3) Additions Disposals Reclassifications Exchange rate differences Historical cost as at 31 Dec , , ,886.9 Amortisation and impairment losses as at 1 Jan , ,034.4 Amortisation Disposals Exchange rate differences Amortisation and impairment losses as at 31 Dec , ,993.3 Amortisation Impairment losses Disposals Exchange rate differences Amortisation and impairment losses as at 31 Dec , ,728.2 Carrying amount as at 31 Dec , ,178.8 Carrying amount as at 31 Dec , , ) Additions in payments on account and construction in progress in the year under review relate exclusively to internally developed software. 2) This relates exclusively to additions as part of the acquisition of Clearstream Fund Services, Ireland Ltd. 3) This relates exclusively to additions as part of the business combination with Börse Frankfurt Zertifikate Holding S.A. and Börse Frankfurt Zertifikate AG, see note 2.

51 236 Software, payments on account and construction in progress Additions to and reclassifications of software relate primarily to the development of software products for the Clearstream segment and to the development of the new derivatives platform and risk margining and clearing system (Prisma) of the Eurex segment. An impairment loss of 0.6 million (2012: nil) was recognised in the year under review on OCC-Link, the planned trading and clearing link (Eurex segment), due to a missing approval to use the service. Carrying amounts of material software and construction in progress as well as remaining amortisation periods of software Carrying amount as at Remaining amortisation period as at Eurex 31 Dec Dec Dec Dec 2012 m m years years Derivatives trading platform n.a. ISE trading platform including applications Eurex Clearing Prisma n.a. Eurex Release 14.0 Clearing n.a. n.a. Eurex Clearing Prisma Release n.a. n.a. n.a. Clearstream GVAS TARGET2-Securities n.a. n.a. Goodwill Changes in goodwill Clearstream ISE STOXX Other assets Total goodwill m m m m m Balance as at 1 Jan , ,078.4 Changes in the basis of consolidation Exchange rate differences Additions Balance as at 31 Dec , ,042.6

52 237 The impairment test is performed by allocating the goodwill to the following groups of cash-generating units (CGUs): Goodwill allocation to the groups of cash-generating units (CGUs) CGU Clearstream CGU Eurex CGU Market Data +Services CGU Fund Services CGU Infobolsa CGU Börse Frankfurt Zertifikate Total goodwill m m m m m m m Balance as at 31 Dec , ,042.6 Goodwill, the stock exchange licences acquired as part of the acquisitions of the International Securities Exchange and the Börse Frankfurt Zertifikate as well as the acquired trade name of STOXX are intangible assets with an indefinite useful life. The recoverable amounts of the cash-generating units with allocated goodwill are based either on their values in use (CGU Clearstream and CGU Eurex) or on their fair value less costs of disposal (CGU Market Data + Services, CGU Infobolsa, CGU Fund Services and CGU Börse Frankfurt Zertifikate). Only in cases in which one of these values (value in use or fair value less costs of disposal) does not exceed the carrying amount, the respective other value is calculated. Since there is no active market for the cash-generating units, the discounted cash flow method is used to calculate both value in use and fair value less costs of disposal. The key assumptions made to determine the recoverable amounts vary depending on the cash-generating unit concerned. Pricing or market share assumptions are based on past experience or market research. Other key assumptions are mainly based on external factors. Significant macroeconomic indicators include, for instance, equity index levels, volatility of equity indices, as well as interest rates, exchange rates, GDP growth, unemployment levels and government debt. The discount rate is based on a riskfree interest rate between 2.5 and 2.6 per cent and a market risk premium of 6.5 per cent. It is used to calculate individual discount rates for each cash-generating unit that reflect the beta factors, the cost of debt and capital structure of the peer groups concerned. Each calculation of the sensitivities stated below is based on the adaption of a parameter (discount rate, sales revenue and growth rate of a perpetual annuity), by assuming that all other parameters in the evaluation model remain unchanged. Possible correlations between the parameters are not considered. Cash-genereating unit Eurex The goodwill resulting from the acquisition of ISE is allocated to a group of cash-generating units in the Eurex segment. Since the ISE goodwill is calculated in US dollars, an exchange rate difference of 40.0 million occurred in 2013 (2012: 20.7 million).

53 238 Assumptions on volumes of index and interest rate derivatives and volumes in the US equity options market, which are derived from external sources, are the key criteria applied to determine the value in use with the discounted cash flow method. Cash flows are projected over a five-year period (2014 to 2018) for European as well as US activities. Cash flow projections beyond this period are, as in the previous year, extrapolated assuming a 1.0 per cent growth rate. The pre-tax discount rate used is 13.4 per cent (2012: 13.0 per cent). Neither an increase in the discount rate by 1.0 per cent nor a reduction in the planned sales revenue by 5.0 per cent per year nor a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to a goodwill impairment in the cash-generating unit Eurex. Cash-generating unit Clearstream The Clearstream goodwill is a group of cash-generating units in the Clearstream segment. The recoverable amount is determined on the basis of the value in use applying the discounted cash flow method. Assumptions on assets held in custody, transaction volumes and market interest rates are the key criteria used to determine value in use. Cash flows are projected over a five-year period (2014 to 2018). Cash flow projections beyond 2018 are extrapolated assuming a perpetual annuity with a growth rate of 1.5 per cent (2012: 2.5 per cent). The pre-tax discount rate used is calculated on the basis of the cost of equity and amounts to 14.6 per cent (2012: 13.1 per cent). Neither an increase in the discount rate by 1.0 per cent nor a reduction in the planned sales revenue by 5.0 per cent per year nor a decrease in the growth rate to 0 per cent would lead to a goodwill impairment in the cash-generating unit Clearstream. Cash-generating unit Fund Services The goodwill from the acquisition of Clearstream Fund Services Ireland Ltd. is allocated to the separate cash-generating unit Fund Services (referred to as Clearstream Ireland in the previous year). The recoverable amount is determined on the basis of fair value less costs of disposal, applying the discounted cash flow method. Cash flows are projected over a five-year period (2014 to 2018). Cash flow projections beyond 2018 are extrapolated assuming a perpetual annuity with a growth rate of 2.5 per cent (2012: nil). The after-tax discount rate used is calculated on the basis of the cost of equity and amounts to 11.5 per cent (2012: 14.5 per cent). Neither an increase in the discount rate by 1.0 per cent nor a reduction in the planned sales revenue by 5.0 per cent per year nor a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to a goodwill impairment in the cash-generating unit Fund Services. Cash-generating unit Market Data + Services The goodwill arising from the acquisition of STOXX Ltd. in 2009 is allocated to a group of cash-generating units in the Market Data + Services segment. It results primarily from the strong position of STOXX Ltd. in European indices as well as from growth prospects in the production and sale of tick data for indices, the development, maintenance and enhancements of index formulas and from the customising of indices.

54 239 The goodwill of US$7.9 million that arose in the course of the acquisition of Market News International Inc. (MNI) by Deutsche Börse AG in 2009 is also allocated to the group of cash-generating units in the Market Data + Services segment and relates to access to global, trade-related information such as news from public authorities and supranational organisations. Finally, the goodwill of US$3.0 million that arose in the course of the acquisition by MNI of 100 per cent of the shares in Need to Know News, LLC is also allocated to this group of cash-generating units in the Market Data + Services segment. The recoverable amount of the cash generating unit Market Data + Services is determined on the basis of the fair value less costs of disposal. The key assumptions made relate to the expected development of future data and licence income as well as of the customer base; these are based both on external sources of information and on internal expectations that correspond to the budget values for financial year Cash flows are planned over a five-year period ( ), with projections for periods beyond this assuming a perpetual annuity with a growth rate of 2.0 per cent (2012: 2.0 per cent). The after-tax discount rate used was 9.8 per cent (2012: 9.2 per cent). Neither an increase in the discount rate by 1.0 per cent nor a reduction in the planned sales revenue by 5.0 per cent per year nor a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to a goodwill impairment in the cash-generating unit Market Data + Services. Cash-generating unit Infobolsa The goodwill from the acquisition of the Infobolsa subgroup (including the goodwill from the acquisition of the shares in Open Finance S.L.) is allocated to the Infobolsa cash-generating unit. The recoverable amount is determined on the basis of fair value less costs of disposal, applying the discounted cash flow method. The assumptions on which the calculation is based are derived from external sources of information and internal management expectations. Cash flows are planned over a five-year period ( ), with projections for periods beyond this assuming a perpetual annuity with a growth rate of 2.0 per cent (2012: 2.0 per cent). The after-tax discount rate used is 9.8 per cent (2012: 9.2 per cent). Neither an increase in the discount rate by 1.0 per cent nor a reduction in the planned sales revenue by 5.0 per cent per year nor a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to a goodwill impairment in the cash-generating unit Infobolsa. Cash-generating unit Börse Frankfurt Zertifikate Goodwill from the business combination with Scoach Holding S.A. and Scoach Europa AG is allocated to the separate cashgenerating unit, Börse Frankfurt Zertifikate. The recoverable amount is determined on the basis of fair value less costs of disposal, applying the discounted cash flow method. The assumptions on which the calculation is based are derived from external sources of information and internal management expectations. Cash flows are planned over a five-year period ( ), with projections for periods beyond this assuming a perpetual annuity with a growth rate of 2.0 per cent. The after-tax discount rate used is 13.5 per cent.

55 240 Neither an increase in the discount rate of 1.0 per cent nor a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to a goodwill impairment in the Börse Frankfurt Zertifikate cash-generating unit. A reduction in the planned sales revenue of 5.0 per cent per year would lead to an impairment, amounting to 6.8 million, of the intangible assets (including goodwill) in the Börse Frankfurt Zertifikate cash-generating unit. Other intangible assets Changes in other intangible assets ISE s exchange licence Member relationships of ISE Market data customer relationships of ISE ISE trade name STOXX trade name Customer relationships of STOXX Ltd. Miscellaneous intangible assets Total m m m m m m m m Balance as at 1 Jan Changes in the basis of consolidation Additions Amortisation Exchange rate differences Balance as at 31 Dec Remaining amortisition period (years) Other intangible assets: ISE ISE s other intangible assets are tested for impairment at the end of the year. The recoverable amount of these assets is calculated on the basis of the value in use of the ISE cash-generating unit, which is attributable to the Eurex segment. The cash-generating unit of the ISE subgroup are the US options exchanges. The key assumptions made, which are based on analysts estimates, relate to expected volumes and transaction prices on the US options market. Cash flows are projected over a five-year period (2014 to 2018). A 2.5 per cent growth rate is assumed beyond 2018 (2012: 2.5 per cent). The pre-tax discount rate used is 18.0 per cent (2012: 16.2 per cent). Exchange licence of ISE In the course of the purchase price allocation carried out in December 2007, the fair value of the exchange licence was determined. The exchange licence, granted in 2000 by the U.S. Securities and Exchange Commission, permits the ISE subgroup to operate as a regulated securities exchange in the United States. The exchange licence held by the ISE subgroup is estimated to have an indefinite useful life, because the licence itself does not have a finite term and Eurex management expects to maintain the licence as part of its overall business strategy.

56 241 The exchange licence does not generate cash flows largely independent from those generated by the ISE subgroup as a whole. Consequently, the exchange licence is allocated to the ISE subgroup as the cash-generating unit. Member relationships and market data customer relationships of ISE In the context of the purchase price allocation, the fair values of member and customer relationships were calculated. Both assets are being amortised over a period of 30 years using the straight-line method. Cash flows do not result from either the member or the customer relationships which would be independent of the entire ISE subgroup. Consequently, both items are allocated to the cash-generating unit ISE subgroup. ISE trade name The ISE trade name is registered as a trade name and therefore meets the IFRS criterion for recognition separately from goodwill. In accordance with the purchase price allocation of December 2007, the asset is being amortised over a period of ten years using the straight-line method. As there are no cash inflows that are generated independently from the ISE subgroup, the trade name is also allocated to the cash-generating unit ISE subgroup. An increase in the discount rate by 1.0 per cent, a reduction in the planned sales revenue by 5.0 per cent per year or a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to an impairment in the other intangible assets in the cashgenerating unit ISE amounting to a volume of 7 million to 55 million. A more positive development of the parameters in future could, in contrast to the assumptions above, result in a reversal of impairment of the other intangible assets of ISE. Other intangible assets: STOXX The STOXX trade name, the company s customer relationships as well as fully amortised non-compete agreements and other intangible assets are identified as part of the acquisition of STOXX Ltd. and allocated to the STOXX cash-generating unit, as they do not generate cash independently. The STOXX cash-generating unit is allocated to the Market Data + Services segment. The impairment test was based on fair value less costs of disposal, taking into account expected developments in the licence and sales fees for indices and data. Cash flows are projected over a five-year period (2014 to 2018). Cash flow projections beyond 2018 are extrapolated assuming a 2.0 per cent (2012: 2.0 per cent) growth rate. The after-tax discount rate amounts to 10.8 per cent (2012: 10.2 per cent). STOXX trade name The STOXX trade name includes the trade name itself, the index methodologies and the internet domains because these can generally not be transferred separately. As the trade name is registered, it meets the IFRS criterion for recognition separately from goodwill. An indefinite useful life was assumed for the STOXX brand name given its history and the fact that it is well known on the market. Customer relationships of STOXX STOXX Ltd. has relationships with customers, which are based on signed contracts and thus meet the identifiability criterion for recognition separately from goodwill.

57 242 An increase in the discount rate by 1.0 per cent would not lead to an impairment in the other intangible assets in the cash-generating unit STOXX. A reduction in the planned sales revenue by 5.0 per cent per year or a decrease in the growth rate of the perpetual annuity to 0 per cent would lead to an impairment in other intangible assets in the cashgenerating unit STOXX amounting to a volume of 8 million to 9 million. 12.Property, plant and equipment Property, plant and equipment Fixtures and fittings Computer hardware, operating and office equipment Payments on account and construction in progress Total m m m m Historical cost as at 1 Jan Additions Disposals Reclassifications Exchange rate differences Historical cost as at 31 Dec Additions Disposals Reclassifications Exchange rate differences Historical cost as at 31 Dec Depreciation and impairment losses as at 1 Jan Amortisation Disposals Exchange rate differences Depreciation and impairment losses as at 31 Dec Amortisation Disposals Reclassifications Exchange rate differences Depreciation and impairment losses as at 31 Dec Carrying amount as at 31 Dec Carrying amount as at 31 Dec

58 Financial investments Financial investments Investments in associates Other equity investments Receivables and securities from banking business Other financial instruments and loans m m m m Historical cost as at 1 Jan , Additions Disposals Reclassifications ) 0 Exchange rate differences Historical cost as at 31 Dec , ) Additions Disposals Addition/(reversal) premium/discount Reclassifications ) ) 0 Exchange rate differences Historical cost as at 31 Dec , ) Revaluation as at 1 Jan Disposals of impairment losses Dividends Net income from equity method measurement 4) Currency translation differences recognised directly in equity Currency translation differences recognised in profit or loss Other fair value changes recognised directly in equity Other fair value changes recognised in profit or loss Market price changes recognised directly in equity Market price changes recognised in profit or loss Reclassifications Revaluation as at 31 Dec Disposals of impairment losses Dividends Net income from equity method measurement 4) Currency translation differences recognised directly in equity Currency translation differences recognised in profit or loss Other fair value changes recognised directly in equity Market price changes recognised directly in equity Market price changes recognised in profit or loss Reclassifications 0.9 3) Revaluation as at 31 Dec Carrying amount as at 31 Dec , Carrying amount as at 31 Dec , ) Reclassified as current receivables and securities from banking business 2) Thereof part of a pledge agreement with the Industrie- und Handelskammer (IHK, the Chamber of Commerce) Frankfurt/Main: 5.0 million. 3) Reclassification of shares of Direct Edge Holdings, LLC to the non-current assets held for sale category and change in status of the shares of Börse Frankfurt Zertifikate Holding S.A., which was previously classified as an associate, because the company has been fully consolidated since 1 July ) Included in the result from equity investments

59 244 For details on revaluations and market price changes recognised directly in equity, also see include available-for-sale shares. note 20. Other equity investments In the year under review, impairment losses amounting to 1.6 million (2012: 13.3 million) were recognised in the income statement. 1.6 million (2012: 10.8 million) of these impairment losses relate to unlisted equity instruments. In 2012, 2.5 million of these impairment losses relate to loans which were impaired as part of the equity method measurement of Indexium AG. See note 8 for further details. Composition of receivables and securities from banking business Fixed-income securities 31 Dec Dec 2012 m m from other credit institutions from multilateral banks from regional or local public bodies other public bodies Total 1, ,485.0 Securities from banking business include financial instruments listed on a stock exchange amounting to 1,178.3 million (2011: 1,485.0 million). 14.Derivatives and hedges Deutsche Börse Group generally uses derivative financial instruments to hedge existing or highly probable forecast transactions. The derivatives are included in the positions other non-current assets, other non-current liabilities as well as receivables and securities from banking business, liabilities from banking business and other current liabilities. Derivatives (fair value) Cash flow hedges Note Assets Note Liabilities 31 Dec Dec Dec Dec 2012 m m m m short-term Derivatives held for trading short-term , Total

60 245 As a result of the acquisition of Clearstream Fund Services Ireland Ltd., Clearstream International S.A. had entered into three written put options which were to be settled by delivery of equity instruments of Clearstream Fund Services Ireland Ltd. As at 31 December 2012, these options had a fair value of 3.4 million and were reported under other non-current liabilities and other current liabilities in the consolidated balance sheet. The option classified under current liabilities was exercised in the second quarter Due to the termination of the agreement with the holder of the remaining shares in Clearstream Fund Services Ireland Ltd, options classified under noncurrent liabilities were exercised in October Total payment under the written put options amounted to 1.5 million. Fair value hedges No financial instruments designated as fair value hedges had been outstanding as at 31 December 2013 and Cash flow hedges Development of cash flow hedges m m Cash flow hedges as at 1 January Amount recognised in equity during the year Amount recognised in profit or loss during the year Ineffective hedge portion recognised in profit or loss 0.2 Closing 14.2 Realised losses Cash flow hedges as at 31 December The following table gives an overview of the notional amount of the positions covered by cash flow hedges: Outstanding positions cash flow hedges Forward rate agreement Foreign exchange transactions 31 Dec Dec Dec Dec 2012 Number 2 12 Notional amount m Fair value m

61 246 In 2013, some debt instruments issued by Deutsche Börse AG matured. In order to partially hedge the refinancing needs of 2013, a forward interest rate payer swap and a payer swaption were used in 2010 to (conditionally) lock in prevailing (forward) interest rate levels which were judged to be attractive. The swaption expired in The swap had been settled by close out payment of 14.2 million. The amount recognised within revaluation surplus is reversed over the original term of the debt instrument issued in Hedges of a net investment In connection with the private placements in the USA, the bonds of the series A to C were designated as hedges against currency risk arising from the translation of the foreign functional currency US dollar into euro in order to hedge the net investment in the ISE subgroup. Composition of private placements 1) Type Issue volume Equivalent Term 31 Dec Dec 2012 as at emission from until US$m m m m Series A June June 2015 Series B June June 2018 Series C June June 2020 Total ) Presented under interest-bearing liabilities. See Results of operations section of the combined management report. Effective exchange rate differences from the private placements are reported in the balance sheet item accumulated profit, as are exchange rate differences from the translation of foreign subsidiaries million (2012: 50.0 million) has been recognised cumulatively in this item directly in equity. There was no ineffective portion of the net investment hedges in 2013 and Derivatives held for trading Foreign exchange swaps as at 31 December 2013 expiring in less than three months with a notional value of 2,285,6 million (2012: 2,302.9 million) had a negative fair value of 16.5 million (2012: negative fair value of 16.7 million). These swaps were entered into to convert foreign currencies received through the issue of commercial paper by the banking business into euros, and to hedge short-

62 247 term foreign currency receivables and liabilities in euros economically. These are reported under current receivables and securities from banking business and liabilities from banking business in the balance sheet (see also notes 16 and 28). Outstanding positions derivatives transactions Foreign exchange swaps Foreign exchange futures 31 Dec Dec Dec Dec 2012 Number Notional amount m 2, ,302.9 Notional amount US$m 10.0 Positive fair value m 0.1 Negative fair value m Eurex Clearing AG has awarded a grant to some customers. The repayment of that grant will be contingent on the satisfaction of certain criteria. Eurex Clearing AG has recognised embedded derivatives separately from the host contract. The derivatives amounting to 6.1 million have been classified as held for trading and are shown under other current liabilities. 15.Financial instruments of Eurex Clearing AG Composition of financial instruments of Eurex Clearing AG 31 Dec Dec 2012 m m Repo transactions 147, ) 145, ) Options 9, , ) Others Total 157, , ) thereof non-current 4, thereof current 153, ) 156, ) 1) Financial liabilities of million have been eliminated because of intra-group GC Pooling transactions. 2) Prior-year figures have been adjusted (see note 3). The aggregate financial instruments of Eurex Clearing AG are classified into current and non-current in the balance sheet. Receivables and liabilities that may be offset against a clearing member are reported on a net basis.

63 248 The following table gives an overview of the effects of offsetting the financial instruments of Eurex Clearing AG: Gross presentation of offsetted financial instruments of Eurex Clearing AG 1) Gross amount of financial instruments Gross amount of netted financial instruments Net amount of financial instruments 31 Dec Dec Dec Dec Dec Dec 2012 m m m m m m Financial assets from repo transactions 176, , , , , ,843.8 Financial liabilities from repo transactions 176, , , , , ,843.8 Financial assets from options 14, , , , , ,378.5 Financial liabilities from options 14, , , , , , ) The collateral deposited by clearing members cannot be attributed directly to the individual transactions. For information on the composition of Eurex Clearing AG s collateral, see note Current receivables and securities from banking business In addition to non-current receivables and securities from banking business that are classified as non-current financial assets (see note 13), the following receivables and securities from banking business, attributable solely to the Clearstream subgroup, were classified as current assets as at 31 December Composition of current receivables and securities from banking business Loans to banks and customers 31 Dec Dec 2012 m m Reverse repurchase agreements 6, ,847.4 Balances on nostro accounts ,975.4 Money market lendings 1, ,729.6 Overdrafts from settlement business , ,780.8 Available-for-sale debt instruments Interest receivables Forward foreign exchange transactions 1) Total 9, , ) See note 14.

64 249 Overdrafts from settlement business represent short-term loans of up to two days duration that are usually secured by collateral. Potential concentrations of credit risk are monitored against counterparty credit limits (see note 36). Remaining maturity of loans to banks and customers 31 Dec Dec 2012 m m Not more than 3 months 9, ,780.8 Total 9, ,780.8 All of the securities held as at 31 December 2013 and 2012 were listed and issued by sovereign or sovereign-guaranteed issuers. Remaining maturity of available-for-sale debt instruments 31 Dec Dec 2012 m m Not more than 3 months months to 1 year Total Development of allowance against trade receivables As in the previous year, there were no trade receivables due after more than one year as at 31 December Allowance account m Balance as at 1 Jan Additions 1.5 Utilisation 0.1 Reversal 0.8 Balance as at 31 Dec Additions 2.5 Utilisation 0.1 Reversal 0.9 Balance as at 31 Dec

65 250 In the current year, irrecoverable receivables of 0.2 million (2012: 0.7 million) were written off, for which no provision for doubtful debts had been recognised. 18.Other current assets Composition of other current assets 31 Dec Dec 2012 m m Other receivables from CCP transactions Tax receivables (excluding income taxes) Prepaid expenses Vendors with a debit balance Incentive programme Receivables from insurance companies Miscellaneous Total Miscellaneous other current assets include a certificate of deposit of 1.1 million (2012: 1.4 million) used as collateral for two letters of credit. 19.Restricted bank balances Amounts reported separately under liabilities as cash deposits by market participants are restricted. Such amounts totalling 16,221.7 million (2012: 19,450.6 million) are mainly invested via bilateral or triparty reverse repurchase agreements and in the form of overnight deposits at banks (restricted bank balances). Government or government-guaranteed bonds, mortgage bonds and bank bonds with an external rating of at least AA are accepted as collateral for the reverse repurchase agreements.

66 Equity Changes in equity are presented in the consolidated statement of changes in equity. As at 31 December 2013, the number of no-par value registered shares of Deutsche Börse AG issued was 193,000,000 (31 December 2012: 193,000,000). Transaction costs of 0.0 million incurred in connection with the buy-back of 27,161 no-par value registered shares were recognised directly in equity (2012: 0.1 million). Subject to the agreement of the Supervisory Board, the Executive Board is authorised to increase the subscribed share capital by the following amounts: Composition of authorised share capital Authorised share capital I Authorised share capital II Authorised share capital III Authorised share capital IV Amount in Date of authorisation by the shareholders Expiry date Existing shareholders pre-emptive rights may be disapplied for fractioning and/or may be disapplied if the share issue is: 5,200, May May 2016 against non-cash contributions for the purpose of acquiring companies, parts of companies, or interests in companies, or other assets. 27,800, May May 2015 for cash at an issue price not significantly lower than the stock exchange price up to a maximum amount of 10 per cent of the nominal capital to issue new shares. 19,500, May May 2015 n.a. to employees of the company or affiliated companies with the meaning of sections 15ff. of the Aktiengesetz (AktG, German Stock Corporation Act), with the pro rata amount of the share capital not allowed to exceed 3 million. against non-cash contributions for the purpose of acquiring companies, parts of companies, interests in companies, or other assets. 6,000, May May 2017 for the issuance of up to 900,000 new shares per year to Executive Board members and employees of the company as well as to the management and employees of affiliated companies within the meaning of sections 15ff. of the AktG. There were no further subscription rights for shares as at 31 December 2013 or 31 December 2012.

67 252 Revaluation surplus The revaluation surplus results from the revaluation of securities and other current and non-current financial instruments at their fair value less deferred taxes, as well as the value of the stock options under the Group Share Plan (see note 39). This item also contains reserves from an existing investment in an associate, which were recognised in connection with the acquisition of further shares, as the company was fully consolidated as of this date. Actuarial gains and losses for defined benefit obligations are also directly recognised in revaluation surplus. Revaluation surplus Recognition of hidden reserves from fair value measurement Other equity investments (financial assets) Securities from banking business (financial assets) m m m Balance as at 1 Jan 2012 (gross) Changes from defined benefit obligations Fair value measurement Increase in share-based payments Reversal to profit or loss Balance as at 31 Dec 2012 (gross) Changes from defined benefit obligations Fair value measurement Reversal to profit or loss Balance as at 31 Dec 2013 (gross) Deferred taxes Balance as at 1 Jan Additions Reversals Balance as at 31 Dec Additions Reversals Balance as at 31 Dec Balance as at 1 Jan 2012 (net) Balance as at 31 Dec 2012 (net) Balance as at 31 Dec 2013 (net)

68 253 Other financial instruments (financial assets) Current securities from banking business Cash flow hedges GSP stock options Defined benefit obligations Total m m m m m m

69 254 Accumulated profit The accumulated profit item includes exchange rate differences amounting to 39.4 million (2012: 82.3 million) million was withdrawn due to currency translation for foreign subsidiaries in the year under review (2012: withdrawal of 30.7 million) and 14.5 million was added relating to a net investment hedge that was used to hedge the net investment in ISE against currency risk (2012: additions of 7.5 million). Regulatory capital requirements and regulatory capital ratios Clearstream Banking S.A., Clearstream Banking AG and Eurex Clearing AG as well as the regulatory Clearstream Holding group are subject to solvency supervision by the German or Luxembourg banking supervisory authorities (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin, and Commission de Surveillance du Secteur Financier, CSSF, respectively). All companies that are subject to this supervision are non-trading-book institutions. Market price risk positions consist only of a relatively small open foreign currency position. As a result of these companies specific businesses, their on balance sheet assets are subject to sharp fluctuations. This leads to correspondingly volatile solvency ratios in the Clearstream companies. The volatility of the ratio is subject to major fluctuations on a day-to-day basis in the course of the year. Due to a high degree of collateralised or zero-weighted cash investments, the capital require-ments for credit and market price risks of Eurex Clearing AG are relatively stable despite volatile total assets. The capital requirements are subject to the national regulations of the individual companies. These are based on EU Banking and Capital Requirements Directives which are ultimately based on Basel II. The companies concerned homogeneously apply the standardised approach for credit risk. For calculating the operational risk charge, Eurex Clearing AG uses the basic indicator approach, while the Clearstream companies apply the advanced measurement approach (AMA). Of the companies subject to solvency supervision, only Clearstream Banking S.A. has Tier 2 regulatory capital under the relevant IFRS treatment. This capital consists of a profit participation right of 150 million and to a very small amount in the revaluation surplus. The profit participation right had originally been subscribed by Deutsche Börse AG. In the course of measures taken to further strengthen Clearstream s capital base, this profit participation right was contributed to Clearstream Holding AG s capital reserves and upgraded to Tier 2 capital at the level of Clearstream Banking S.A. by making certain adjustments to the profit participation terms. A minimum solvency ratio of 8 per cent applies throughout to the regulated companies. All regulated companies (Clearstream Banking S.A., Clearstream Banking AG, Eurex Clearing AG and the Clearstream Holding group) have been designated as systemically important. As a result, CSSF increased the minimum capital requirements for Clearstream Banking S.A. to a core Tier 1 ratio of 9 per cent in The individual companies capital resources sufficiently reflect the fluctuation in risk-weighted assets. Stress considerations are used to determine the capital required for expected peaks and additional reserves for unexpected events are added. The capital requirements determined in this way are met through the capital resources. As the actual capital requirements are below the expected peaks significantly so under normal circumstances this may lead to a very high technical closing date solvency ratio.

70 255 The capital requirements of the Clearstream companies rose in the year under review. This was mainly driven by considerably increased capital requirements for operational risk combined with simultaneously lowered capital requirements for credit and market price risk. The increased capital requirements for operational risk are in turn largely the result of expanded risk scenarios for legal and compliance risks. The international reach of the business within an increasingly more complex regulatory and legal framework makes it necessary to take greater account of these risks. Additionally, the settlement payment of around US$150 million made to the Office of Foreign Assets Control (OFAC) and payments made by other banks in the course of various proceedings have given an indication of the extent of potential loss events. The increased capital requirements almost exclusively affect Clearstream Banking S.A., since the nature of Clearstream Banking AG s national business means that its exposure to these risks is significantly limited. Due to closing date effects, customer balances, especially those denominated in US dollars and euros, declined significantly compared with the end of 2012, resulting in lower balances on the nostro accounts and consequently lower capital requirements for credit risk. The Clearstream Holding group responded to the increased capital requirements by launching a programme to strengthen its capital base. The programme entails an injection at the level of Clearstream Holding AG (including the contribution of the profit participation right of 150 million issued by Clearstream Banking S.A.), the retention of profits at Clearstream Banking S.A. and Clearstream International S.A., capital injections to the bank subsidiaries performed by Clearstream International S.A. and the upgrade of Clearstream Banking S.A. s profit participation rights to Tier 2 capital. In spite of the increased capital requirements, these capitalisation measures currently secure solvency ratios of more than 20 per cent. The Clearstream Holding group therefore does not expect to require any capital in the short to medium term. In the medium to long term, only a moderate if any increase in capital requirements at Group level is expected to arise from the capital buffers that are to be imposed in stages from 2014 onwards, the requirements resulting from mandatory recovery plans, the designation as systemically important institutions and the future CSD regulation. The transfer of the supervisory function for Clearstream Banking S.A. to the ECB is, however, not expected to have a material impact on capital requirements. The cash collateral deposited at Eurex Clearing AG fluctuated in the course of the year, but remained at a high level overall. Eurex Clearing AG s capital requirements rose only slightly compared with the previous year, mainly as a result of closing date effects relating to credit and market risk and of downstream effects resulting from the calculation of averages used in the assessment of capital requirements in relation to operational risk. Eurex Clearing AG s internal risk model assumes higher capital requirements for operational risk than does the accounting-based basic indicator approach in accordance with regulatory requirements. For this reason, Eurex Clearing AG has always maintained a capital buffer for these types of risk over and above the minimum regulatory requirements. Against this background, the banking supervisory authorities encouraged Eurex Clearing AG in 2011 to expand the basis for calculating the regulatory capital requirements to include an adequate clearing portion of the fees collected for the account of the operating companies. The capital requirements for operational risk are calculated once a year on the basis of a three-year average of historical income, including the assumed clearing fees, and are therefore not subject to daily fluctuations. Compliance with the minimum supervisory ratio is maintained at all times due to the sufficient capital buffer for uncollateralised cash investments.

71 256 On 1 August 2013, Eurex Clearing AG submitted its application for authorisation as a central counterparty under the European Market Infrastructure Regulation (EMIR). Article 16 of EMIR in conjunction with the EU s Level 2 Implementing Directive sets its own capital adequacy requirements. Although these requirements are essentially based on the rules for credit institutions, the resulting capital requirements differ from the requirements for banks because they include additional requirement for orderly winding down or restructuring and for business risk as well as a number of other minor matters and a different definition of capital. Among other things, Eurex Clearing AG s share of the default fund is deducted from its (German GAAP) capital. Without the capital buffers, which will in future only be stipulated in the regulatory framework for banks, the requirement under EMIR is significantly more stringent than under the bank framework. In preparation for its application for EMIR authorisation, Eurex Clearing AG increased its equity at the beginning of 2013 by adding 110 million to its capital reserves. The authorisation is expected to be granted in the second quarter of The EMIR requirements did not yet apply as at the balance sheet date. The increase in equity resulted in a significantly improved solvency ratio, while capital requirements were only slightly higher. Given the high capital requirements under EMIR, Eurex Clearing AG does not currently expect the introduction of Capital Requirements Directive (CRD) IV capital buffers from 2014 onwards to have a significant impact on capital requirements. Independent of this, the capital resources of Eurex Clearing AG are reviewed on an ongoing basis and monitored as part of mediumterm capital planning. However, given the continuing development of the basis for EMIR capital requirements (income and costs) and business performance within a changed regulatory framework (EMIR, CRD IV) for Eurex Clearing AG and its customers, small capital increases cannot be ruled out. Composition of own funds requirements Own funds requirements for operational risk Own funds requirements for credit and market price risk Total capital requirements 31 Dec Dec Dec Dec Dec Dec 2012 m m m m m m Clearstream Holding group Clearstream Banking S.A Clearstream Banking AG Eurex Clearing AG Regulatory capital ratios Own funds requirements Regulatory equity Solvency ratio 31 Dec Dec Dec Dec Dec Dec 2012 m m m m % % Clearstream Holding group , Clearstream Banking S.A Clearstream Banking AG Eurex Clearing AG

72 257 Eurex Clearing AG has been accredited by the Financial Services Authority (FSA) in the UK as a Recognised Overseas Clearing House (ROCH). The reorganisation of financial services supervision in the UK resulted in the break-up of the FSA as at 1 April 2013 and in the transfer of its oversight role over ROCHs to the Bank of England. As a ROCH, Eurex Clearing AG has to maintain regulatory capital equivalent to at least half the operating expenses of the previous year; the resulting regulatory minimum capital under the ROCH requirements amounted to 43.1 million as at 31 December 2013 (2012: 48.0 million). Once authorisation as a central counterparty under EMIR has been granted, Eurex Clearing AG s ROCH status in the UK will lapse. The regulatory minimum requirements were complied with at all times by all companies during the year under review and in the period up to the preparation of the consolidated financial statements. 21.Shareholders equity and appropriation of net profit of Deutsche Börse AG The annual financial statements of the parent company Deutsche Börse AG, prepared as at 31 December 2013 in accordance with the provisions of the Handelsgesetzbuch (HGB, the German Commercial Code), report net profit for the year of million (2012: million) and shareholders equity of 2,329.8 million (2012: 2,301.5 million). Net income for the year is significantly lower year-on-year, primarily due to a decrease in the result from equity investments and a rise in expenses. Proposal on the appropriation of the unappropriated surplus 31 Dec Dec 2012 m m Net profit for the year Appropriation to other retained earnings in the annual financial statements Unappropriated surplus Proposal by the Executive Board: Distribution of a regular dividend to the shareholders of 2.10 per share for 184,115,657 no-par value shares carrying dividend rights (in 2013 from net profit for 2012: 2.10) Appropriation to retained earnings No-par value shares carrying dividend rights Number of shares issued as at 31 December ,000,000 Number of shares acquired under the share buy-back programme up to the balance sheet date that are planned to be retired 8,884,343 Number of shares outstanding as at 31 December ,115,657 Number The proposal on the appropriation of the unappropriated surplus reflects treasury shares held directly or indirectly by the company that are not eligible to receive dividends under section 71b of the Aktiengesetz (AktG, the German Stock Corporation Act). The number of shares eligible to receive dividends can change until the Annual General Meeting through the repurchase or sale of further treasury shares. In this case, without changing the dividend of 2.10 per eligible share, an amended resolution for the appropriation of the unappropriated surplus will be proposed to the Annual General Meeting.

73 Provisions for pensions and other employee benefits Defined benefit pension plans The defined benefit obligations of the companies of Deutsche Börse Group relate primarily to final salary arrangements and pension plans based on capital components, which guarantee employees a choice of either lifelong pensions or capital payments on the basis of the final salary paid. In Switzerland, there are guaranteed defined contribution plans. Deutsche Börse Group uses external trust solutions to cover some of its pension obligations. Net liability of defined benefit obligations 31 Dec Dec 2012 Germany Luxembourg Other assets m m Present value of the defined benefit obligations that are at least partly financed in advance Fair value of plan assets Funded status Present value of unfunded obligations Net liability of defined benefit obligations Impact of minimum funding requirement/asset ceilling Amount recognised in the balance sheet The defined benefit plans comprise a total of 2,435 (2012: 2,476) beneficiaries. The present value of the defined benefit obligations can be broken down on the beneficiaries as follows: Breakdown of stakeholders 31 Dec Dec 2012 Germany Luxembourg Other assets m m Candidates , Former employees with vested entitlements Pensioners or surviving dependents The following retirement benefit plans exist to provide retirement benefits: Executive boards of Group companies (Germany and Luxembourg) Individual commitment plans exist for members of the executive boards of Group companies; they are based on the plan for senior executives described in the next but one paragraph, i.e. in each calendar year the company provides an annual contribution to a capital component calculated in accordance with actuarial principles. The benefit assets equal the total of the acquired capital components of the individual years and are converted into a lifelong pension once the benefits fall due. In addition, retirement benefit agreements are in place with members of the executive boards of Group companies, under which they are entitled to pension benefits on reaching the age of 63 and following reappointment. When the term of office began, the replacement rate was 30 per cent of individual pensionable income. It rose by five percentage points with each reappointment, up to a maximum of 50 per cent of pensionable income. Details of the pension commitments for members of Deutsche Börse AG s Executive Board can be found in the remuneration report.

74 259 Germany There has been an employee-financed deferred compensation plan for employees of Deutsche Börse Group in Germany since 1 July This plan gives employees the opportunity to convert parts of their future remuneration entitlements into benefit assets of equal value. The benefits consist of a capital payment on reaching the age of 65 or earlier, if applicable, in the case of disability or death; when due, the payment is made in equal annual payments over a period of three years. The benefit assets earn interest at a rate of 6 per cent p.a. As a rule, new commitments are entered into on the basis of this deferred compensation plan; employees with pension commitments under retirement benefit arrangements in force before 1 July 1999 were given an option to participate in the deferred compensation plan by converting their existing pension rights. In the period from 1 January 2004 to 30 June 2006, senior executives in Germany were offered the opportunity to participate in the following pension system based on capital components: the benefit is based on annual income received, composed of fixed annual salary and the variable remuneration. Every year, participating Group companies provide for an amount that corresponds to a certain percentage of the pensionable income. This amount is multiplied by a capitalisation factor depending on age, resulting in the annual capital component. The benefit assets equal the total of the acquired capital components of the individual years and are converted into a lifelong pension once the benefits fall due. This benefit plan was closed to new staff on 30 June 2006; the senior executives who were employed in the above period can continue to earn capital components. Luxembourg The employees of the Clearstream subgroup in Luxembourg participate in separate defined benefit pension plans. The defined benefit pension plan in favour of Luxembourg employees of Clearstream International S.A., Clearstream Banking S.A. and Clearstream Services S.A. is funded by means of cash contributions to an association d épargne pension (ASSEP) organised in accordance with Luxembourg law. The benefits consist of a one-off capital payment, which is generally paid on reaching the age of 65. The benefit plan does not cover disability or death in service. Contributions to the association d épargne pension are funded in full by the participating companies. The contributions are determined annually on the basis of actuarial reports and the amount of the obligation is calculated in accordance with Luxembourg law. Switzerland The employees of STOXX Ltd. participate in a separate defined benefit pension plan. They are insured by a pension fund of SIX Swiss Exchange AG at PREVAS Sammelstiftung, Zurich. Since 2012, there have been a separate pension plan (basic pension plan) and a supplementary benefits plan (bonus plan) for employees of Eurex Zürich AG and Eurex Global Derivatives AG; both plans are based on insurance policies and, in addition to retirement benefits, comprise disability benefits and dependants pensions. The contributions to the basic pension plan are paid by the employee and the employer, based on progressive percentages of the insured wage (annual wage less coordination deduction). For the bonus plan, the contributions are determined as a percentage of the bonus; it is also funded by contributions from employees and the employer. The retirement age is 65. The beneficiaries can choose between pension payments and a one-off payment.

75 260 The present value of defined benefit obligations can be reconciled as follows with the provisions shown in the consolidated balance sheet: Changes in net defined benefit obligations Present value of obligations Fair value of plan assets Total Impact of minimum funding requirement/asse t ceilling Total m m m m m Balance as at 1 Jan Current service cost Interest expense/(income) Past service cost and gains and losses on settlements Remeasurements Return on plan assets, excluding amounts already recognised in interest income Losses from changes in financial assumptions Experience gains Change in asset ceilling, excluding amounts included in interest expense Effect of exchange rate differences Contributions: Employers Plan participants Benefit payments Settlements Balance as at 31 Dec Changes in the basis of consolidation Current service cost Interest expense/(income) Remeasurements Return on plan assets excluding amounts already recognised in interest income Losses from changes in demographic assumptions Losses from changes in financial assumptions Experience gains Change in asset ceilling, excluding amounts included in interest expense Effect of exchange rate differences Contributions: Employers Plan participants Benefit payments Balance as at 31 Dec

76 261 In financial year 2013, employees converted a total of 3.3 million (2012: 3.1 million) of their variable remuneration into deferred compensation benefits. Assumptions Provisions for pension plans and other employee benefits are measured annually at the balance sheet date using actuarial methods. The assumptions for determining the actuarial obligations for the pension plans differ according to the individual conditions in the countries concerned and are as follows: Actuarial assumptions 31 Dec Dec 2012 Germany Luxembourg Switzerland Germany Luxembourg Switzerland % % % % % % Discount rate Salary growth Pension growth Staff turnover rate ) ) n.a. 2) n.a. 2) 1) Up to the age of 50, afterwards 0.00 per cent. 2) Staff turnover rate in accordance with the Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVG, Swiss Federal Occupational Retirement, Survivors and Disability Pension Plans Act) In Germany, the 2005 G mortality tables (generation tables) developed by Prof Dr Klaus Heubeck are used in a modified version. For Luxembourg, generation tables of the Institut national de la statistique et des études économiques du Grand-Duché du Luxembourg are used. For Switzerland, the BVG 2010 generation tables are used. Sensitivity analysis The sensitivity analysis presented in the following considers the change in one assumption at a time, leaving the other assumptions unchanged from the original calculation, i.e. possible correlation effects between the individual assumptions are not taken into account.

77 262 Sensitivity of defined benefit obligation to change in the weighted principal assumptions Change in actuarial assumption Impact on defined benefit obligation Impact on defined benefit obligation Defined benefit Defined benefit obligation Change obligation Change m % m % Present value of the obligation 1) Discount rate Increase by 1.0 percentage point Reduction by 1.0 percentage point Salary growth Increase by 0.5 percentage points Reduction by 0.5 percentage points Pension growth Increase by 0.5 percentage points Reduction by 0.5 percentage points Life expectancy Increase by one year Reduction by one year ) Present value of the obligations using assumptions in accordance with the table actuarial assumptions Composition of plan assets Germany In Germany, the plan assets are held by a trustee in safekeeping for individual companies of Deutsche Börse Group and for the beneficiaries. At the company s instruction, the trustee uses the funds transferred to acquire securities on a trust basis, without any consulting on the part of the trustee. The contributions are invested in accordance with an investment policy, which may be amended by the companies represented in the investment committee in agreement with the other members. The trustee may refuse to carry out instructions if they are in conflict with the fund s allocation rules or the payment provisions. In accordance with the investment policy, about 25 per cent of fund assets are invested in shares with the aim of replicating the STOXX Europe 600 Index. A total return approach is pursued for the remaining fund assets, and investments can be made in different asset classes. Luxembourg In Luxembourg, the Board of Directors of the Clearstream Pension Fund is responsible for determining the investment strategy, with the aim of maximising returns in relation to a benchmark. This benchmark is derived in equal parts from the return on fiveyear German federal government bonds and the return on the EURO STOXX 50 Index. According to the investment policy, the fund may only invest in fixed-income securities, shares and listed investment fund units, and it may hold cash. Switzerland Since 2012, the assets of the pension funds of Eurex Zürich AG and Eurex Global Derivatives AG have been invested with AXA Stiftung Berufliche Vorsorge and are therefore reported under qualifying insurance policies.

78 263 Overview on plan assets 31 Dec Dec 2012 m % m % Equity instruments Europe Financial institutions Manufacturing and Industrial Energy and commodities Technology companies Other Equity instruments other Financial institutions Manufacturing and Industrial Energy and commodities Technology companies Other Bonds Government bonds Corporate bonds Derivatives Stock index futures Interest rate futures Property Europe Other Investment funds Other Total listed Qualifying insurance policies Cash Other Total not listed Total plan assets As at 31 December 2013, plan assets included financial instruments of the Group amounting to 0.1 million (2012: 0.1 million). They did not include any property occupied or other assets used by the Group. Risks In addition to the general actuarial risks, the risks associated with the defined benefit obligations relate especially to financial risks in connection with the plan assets, including in particular counterparty credit and market price risks.

79 264 Market price risk The return on plan assets is assumed to be the discount rate determined on the basis of corporate bonds with an AA rating. If the actual rate of return on plan assets is lower than the discount rate used, the net defined benefit liability increases accordingly. After a reduction in the equity ratio of the plan assets held in Germany in 2013 and at a lower volatility, the actual return is further expected to exceed the return on corporate bonds with a good credit in the medium to long term. Deutsche Börse Group considers the share price risk resulting from the equity ratio of the plan assets to be appropriate. The company bases its assessment on the expectation that the overall volume of payments from the pension plans will be manageable in the next few years, that the total amount of the obligations will also be manageable and that it will be able to meet these payments in full from operating cash flows. Any amendments to the investment policy take into account the duration of the pension obligation as well as the expected payments over a period of ten years. Moreover, the level of the net liability is influenced by the discount rates in particular, whereby the current low interest rates contribute to a relatively high net liability. A continued decline in returns on corporate bonds will lead to a further increase in defined benefit obligations, which can be only partially offset by the positive development of the fair values of the corporate bonds included in the plan assets. Inflation risk Possible inflation risks that could lead to an increase in defined benefit obligations exist because some pension plans or the annual capital components are directly related to the salaries, i.e. a significant increase in salaries would lead to an increase in the benefit obligation from the plans. In Germany, however, there are no contractual arrangements with regard to inflation risk for these pension plans. An interest rate of 6 per cent p.a. has been agreed for the employee-financed deferred compensation plan; the plan does not include any arrangements for inflation, so that it has to be assumed that there will be little incentive for employees to contribute to the deferred compensation plan in times of rising inflation. In Luxembourg, salaries are adjusted for the effects of inflation on the basis of a consumer price index no more than once a year; this adjustment leads to a corresponding increase in the benefit obligation from the pension plan. Since the obligation will be met in the form of a capital payment, there will be no inflation-linked effects once the beneficiary reaches retirement age. In Switzerland, the benefit plans at AXA Stiftung Berufliche Vorsorge and PREVAS Sammelstiftung include the provision that the Board of the foundation decides annually whether the retirement pensions will be adjusted to price trends. The decision takes into account in particular the financial capability of the foundation. There are no arrangements for automatic adjustments to price increases over and above the legal requirements that apply to certain surviving dependants and disability pensions.

80 265 Duration and expected maturities of the pension obligations The weighted duration of the pension obligations was years as at 31 December Expected maturities of undiscounted pension payments Expected pension payments 1) Expected pension payments 1) 31 Dec Dec 2012 m m Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years up to 10 years Total ) The expected payments in CHF were translated into euros at the respective closing rate on 31 December. The expected costs of defined benefit plans amount to approximately 18.1 million for the 2014 financial year, including net interest expense. Defined contribution pension plans In the year under review, the costs of defined contribution plans amounted to 27.7 million (2012: 27.0 million). 23.Changes in other provisions Changes in other provisions Other noncurrent provisions Tax provisions Other current provisions Total m m m m Balance as at 1 Jan Reclassification ) Utilisation Reversal Additions Balance as at 31 Dec ) Relates to the reclassification to liabilities

81 Other non-current provisions Other non-current provisions have more than one year to maturity. Composition of other non-current provisions 31 Dec Dec 2012 m m Restructuring and efficiency measures Pension obligations to IHK 1) Stock Bonus Plan Anticipated losses Jubilee Bonus Early retirement Total thereof with remaining maturity between 1 and 5 years thereof with remaining maturity of more than 5 years ) IHK = Industrie- und Handelskammer Frankfurt am Main (the Frankfurt/Main Chamber of Industry and Commerce) Provisions for restructuring and efficiency measures include provisions amounting to 7.2 million (2012: 8.5 million) for the restructuring and efficiency programme resolved in September 2007 as well as 28.9 million (2012: 33.8 million) for the programme resolved in 2010 to increase operational performance and 42.7 million for the programme resolved in 2013 to improve the cost structures and operational processes in order to adapt to a permanently changed business environment. Additions include discount effects amounting to 3.6 million (2012: 3.9 million) mainly from the passage of time. Internal management Control systems section in the com- For details on the restructuring and efficiency programmes see bined management report. Provisions for pension obligations to the Industrie- und Handelskammer (IHK, the Chamber of Commerce) are recognised on the basis of the number of eligible employees. Provisions for early retirement benefits are calculated on the basis of the active and former employees involved. Additions include discount rate effects amounting to 0.3 million (2012: 0.3 million) mainly from the passage of time. For details on the Stock Bonus Plan, see note 39. As at 31 December 2013, the provisions for anticipated losses contain provisions for anticipated losses from rental expenses and restoration obligations amounting to 9.2 million (2012: 7.1 million), of which 3.3 million (2012: 1.0 million) are allocated to current provisions. The provisions classified as non-current are not expected to be utilised before million of the non-current provisions relates to restoration obligations. The provisions are calculated on the basis of the expected restoration costs.

82 Interest-bearing liabilities The euro and US dollar bonds issued by Deutsche Börse Group have a carrying amount of 1,521.9 million (2012: 1,737.4 million) and a fair value of 1,551.8 million (2012: 1,821.9 million). At the end of the first quarter of 2013, Deutsche Börse AG issued a corporate bond with a nominal amount of 600 million. The bond has a term of five years and a coupon of per cent annually. It serves primarily to refinance euro-denominated bonds with a principal amount of million that matured or were called in the course of the second quarter of For further details, see the Results of operations section and the Debt instruments of Deutsche Börse AG table in the combined management report. The financial liabilities recognised in the balance sheet were not secured by liens or similar rights, neither as at 31 December 2013 nor as at 31 December Tax provisions Composition of tax provisions 31 Dec Dec 2012 m m Income tax expense: current year Income tax expense: previous years Capital tax and value added tax Total Tax provisions of million have an estimated remaining maturity of more than one year. 27.Other current provisions Composition of other current provisions 31 Dec Dec 2012 m m Recourse, litigation and interest rate risks 1) Interest on taxes Restructuring and efficiency measures 2) Claims for damages Stock Bonus Plan Bonus Rent and incidental rental costs Personnel expenses Anticipated losses Miscellaneous Total ) Including million (US$ million) for the settlement with OFAC. For details see note 37. 2) Thereof provisions amounting to 0.4 million (2012: 0.4 million) for the restructuring and efficiency programme resolved in 2007, provisions amounting to 1.6 million (2012: 3.6 million) for the programme to increase operational performance adopted in 2010 and 14.0 million for the programme resolved in 2013 to improve the cost structures and operational processes in order to adapt to a permanently changed business environment. For details see Internal management control section of the combined management report. For details on share-based payments, see see note 24. note 39. For details on non-current anticipated losses,

83 Liabilities from banking business The liabilities from banking business are attributable solely to the Clearstream subgroup. Composition of liabilities from banking business 31 Dec Dec 2012 m m Customer deposits from securities settlement business 9, ,542.5 Issued commercial paper Overdrafts on nostro accounts Forward foreign exchange transactions held for trading Money market lendings Interest liabilities Interest rate swaps fair value hedges 0 0 Total 9, ,880.3 Remaining maturity of liabilities from banking business 31 Dec Dec 2012 m m Not more than 3 months 9, ,880.3 Total 9, ,880.3

84 Cash deposits by market participants Composition of cash deposits by market participants 31 Dec Dec 2012 m m Liabilities from margin payments to Eurex Clearing AG by members 16, ,447.4 Liabilities from cash deposits by participants in equity trading Total 16, , Other current liabilities Composition of other current liabilities 31 Dec Dec 2012 m m Liabilities from CCP positions Issued commercial paper Special payments and bonuses Tax liabilities (excluding income taxes) Vacation entitlements, flexitime and overtime credits Interest payable Derivatives Liabilities as part of social security Liabilities to supervisory bodies Liability from repayment of euro-denominated bonds ) Earn-out component Miscellaneous Total ) See note 25 for further details.

85 Maturity analysis of financial instruments Underlying contractual maturities of the financial assets and liabilities at the balance sheet date Non-derivative financial liabilities Contractual maturity Sight Not more than 3 months More than 3 months but not more than 1 year m m m m m m Interest-bearing liabilities Other non-current financial liabilities Non-derivative liabilities from banking business 9, , Trade payables, payables to associates, payables to other related parties and other current liabilities Cash deposits by market participants 16, , Other bank loans and overdrafts Total non-derivative financial liabilities (gross) 25, , Derivatives and financial instruments of Eurex Clearing AG Financial liabilities and derivatives of Eurex Clearing AG 25, , , , , ,683.4 less financial assets and derivatives of Eurex Clearing AG 26, , , , , ,683.4 Cash inflow derivatives and hedges Cash flow hedges Fair value hedges Derivatives held for trading , , Cash outflow derivatives and hedges Cash flow hedges Fair value hedges Derivatives held for trading , , Total derivatives and hedges ) To reconcile to the balance sheet item including non-financial liabilities, the presentation has been adjusted

86 271 Contractual maturity Reconciliation to carrying amount Carrying amount More than 1 year but not more than 5 years Over 5 years m m m m m m m m 1, , , ) ) , , ) , ) , , , , , , , , , , ,

87 Classification of financial instruments under IAS 39 The following table shows an analysis of the financial instruments in the balance sheet in accordance with their classification under IAS 39 as well as the corresponding carrying amounts: Classification of financial instruments Consolidated balance sheet item (classification) Note Category Measured at Carrying amount 31 Dec Dec 2012 m m Other equity investments 13 AFS 1) Historical cost Non-current receivables and securities from banking business 13 AFS 1) Fair value AFS 1) Fair value 1, ,485.0 Other financial instruments 13 AFS 1) Historical cost AFS 1) Fair value Other loans 13 Loans and receivables Amortised cost Non-current financial instruments of Eurex Clearing AG Other non-current assets Current financial instruments of Eurex Clearing AG Held for trading Fair value 4, Loans and receivables Amortised cost Held for trading Fair value 153, ,315.4 Current receivables and securities from banking business 16 AFS 1) Fair value Cash flow hedges Fair value Loans and receivables Amortised cost 9, ,782.9 Trade receivables 17 Loans and receivables Amortised cost Receivables from related parties Loans and receivables Amortised cost Other current assets 18 Held for trading Fair value Loans and receivables Amortised cost Restricted bank balances 19 Loans and receivables Amortised cost 16, ,450.6 Other cash and bank balances 33 Loans and receivables Amortised cost ) Available-for-sale (AFS) financial assets 2) This relates to the private placements designated as hedging instruments of a net investment hedge (see note 14). 3) This relates to the put options issued by Clearstream International S.A. relating to Clearstream Fund Services Ireland Ltd.

88 273 Consolidated balance sheet item (classification) Note Category Measured at Carrying amount Interest-bearing liabilities (excluding finance leases) Non-current financial instruments of Eurex Clearing AG Other non-current liabilities Current financial instruments of Eurex Clearing AG 14, 25 Liabilities at amortised cost Net investment hedge 2) Amortised cost Amortised cost 15 Held for trading Fair value Liabilities at amortised cost Amortised cost 31 Dec Dec 2012 m m 1, , Puttable instruments Fair value ) 15 Held for trading Fair value Liabilities from banking business 28 Liabilities at amortised cost Other bank loans and overdrafts 33 Liabilities at amortised cost Trade payables Liabilities to related parties Amortised cost 153, , , ,863.6 Held for trading Fair value Liabilities at amortised cost Liabilities at amortised cost Cash deposits by market participants 29 Liabilities at amortised cost Other current liabilities 30, 14 Liabilities at amortised cost Amortised cost Amortised cost Amortised cost Amortised cost Amortised cost , , Cash flow hedges Fair value Derivatives held for trading Fair value Puttable instruments Fair value )

89 274 The financial assets and liabilities that are measured at fair value are to be allocated to the following three hierarchy levels: financial assets and liabilities are to be allocated to level 1 if there is a quoted price for identical assets and liabilities in an active market. They are allocated to level 2 if the inputs on which the fair value measurement is based are observable either directly (as prices) or indirectly (derived from prices). Financial assets and liabilities are allocated to level 3 if the fair value is determined on the basis of unobservable inputs. As at 31 December 2013, the financial assets and liabilities that are measured at fair value were allocated to the following hierarchy levels: Fair value hierarchy Recurrently measured at fair value ASSETS Financial assets held for trading Derivatives Fair value as at 31 Dec 2013 thereof attributable to: Level 1 Level 2 Level 3 m m m m Non-current financial instruments of Eurex Clearing AG 4, , Current financial instruments of Eurex Clearing AG 153, , Total 157, , Available-for-sale financial assets Equity instruments Other equity investments Total Debt instruments Other financial instruments Non-current receivables and securities from banking business 1, , Current receivables and securities from banking business Total 1, , Total assets 159, , LIABILITIES Financial liabilities held for trading Derivatives Non-current financial instruments of Eurex Clearing AG 4, , Current financial instruments of Eurex Clearing AG 153, , Other current liabilities ) Liabilities from banking business Total liabilities 157, , ) Relates to derivative financial instruments belonging to the incentive programme

90 275 By comparison, the financial assets and liabilities measured at fair value as at 31 December 2012 were allocated to the hierarchy levels as follows: Fair value hierarchy Recurrently measured at fair value ASSETS Financial assets held for trading Derivatives Fair value as at 31 Dec 2012 thereof attributable to: Level 1 Level 2 Level 3 m m m m Current financial instruments of Eurex Clearing AG 156, , Current receivables and securities from banking business Other non-current assets Total 156, , Available-for-sale financial assets Equity instruments Other equity investments Total Debt instruments Other financial instruments Non-current receivables and securities from banking business 1, , Current receivables and securities from banking business Total 1, , Total assets 157, , LIABILITIES Financial liabilities held for trading Derivatives Current financial instruments of Eurex Clearing AG 156, , Liabilities from banking business Other non-current liabilities ) Other current liabilities ) Total liabilities 156, , ) This relates to the put options issued by Clearstream International S.A. relating to Clearstream Fund Services Ireland Ltd. In the course of 2013, no reclassifications were made between the individual levels. Financial assets and financial liabilities listed in levels 2 and 3 as at 31 December 2013 are measured as follows: The derivatives listed in level 2 comprise forward foreign exchange transactions. The fair value of the forward foreign exchange transactions is determined on the basis of the forward foreign exchange rates for the remaining period to maturity as at the balance sheet date. They are based on observable market prices.

91 276 The equity investments allocated to level 2 are measured on the basis of current, comparable market transactions. Puttable instruments with a carrying amount of 3.4 million were allocated to level 3 as at the beginning of the year under review. These were measured using the discounted cash flow method. In the second quarter of 2013, the current portion of the puttable instruments amounting to 0.4 million was exercised. In the course of the third quarter, a settlement agreement in the amount of 1.0 million was reached for this long-term put, resulting in an effect recognised in profit or loss of 2.0 million as at the balance sheet date. At the end of the year under review, derivative financial instruments belonging to an incentive programme amounting to 6.1 million were allocated to Level 3. The financial instruments were measured at fair value through profit and loss using an internal model. The model takes into account the criteria underlying the conditional repayment of the grant made by Eurex Clearing AG. The financial instruments were regularly measured at fair value through profit and loss using an internal model as at the quarterly balance sheet dates. The results from the subsequent measurement are recognised under other operating expenses. The model takes into account the criteria underlying the conditional repayment of the grant made by Eurex Clearing AG. The criteria include, in particular, non-financial indicators as the expected number of customers in a specific market segment as well as expected trading volumes. They are continuously monitored, while taking possible adjustments into account; for this, information of customers is also used. Since there is an internal model, the parameters can be different as at the settlement date; however, the derivative financial instrument will not exceed an amount of 8.0 million; this amount arises if the beneficiaries of the incentive programme fulfill the conditions and a repayment of the contribution is not taken into consideration. The fair value of other financial assets and liabilities not measured at fair value is determined as follows: The euro and US dollar bonds issued by Deutsche Börse Group have a fair value of 1,551.8 million (31 December 2012: 1,821.9 million) and are reported under interest-bearing liabilities. Euro-denominated bonds with a principal amount of million were issued at the end of the first quarter of Euro-denominated bonds with a principal amount of million matured in the course of the second quarter of The fair value is calculated on the basis of the quoted values of the bonds or as the present value of the cash flows relating to the private placements on the basis of market parameters. The carrying amounts of the following items represent a reasonable approximation of their fair value: Unlisted equity instruments whose fair value generally cannot be reliably determined on a continuous basis and which are reported under the financial assets item; these are carried at cost less any impairment losses Other loans, which are reported under financial assets Other receivables and other assets as well as current receivables from banking business, to the extent that these are measured at amortised cost Restricted bank balances Other cash and bank balances Cash deposits by market participants Other current liabilities

92 277 Other disclosures 33.Consolidated cash flow statement disclosures Cash flows from operating activities After adjustments to net profit for the year for non-cash items, cash flows from operating activities excluding CCP positions amounted to million (2012: million). After adjustment for the change in CCP positions cash flow from operating activities amounted to million (2012: million). For details on the adjustments see the Financial position section of the combined management report. The other non-cash income consists of the following items: Composition of other non-cash income m m Equity method measurement Reversal of discount and transaction costs from long-term financing Impairment of other equity investments, loans and available-for-sale shares Reversal of the revaluation surplus for cash flow hedges Subsequent valuation of financial instruments Subsequent measurement of the liability from the acquisition of further shares of Eurex Zürich AG Fair value measurement of interest rate swaps Miscellaneous Total Cash flows from investing activities Net cash flows from investing activities amounted to million and related in particular to payments to acquire property, plant and equipment and intangible assets of million. In the previous year, investments in intangible assets included an amount of 0.1 million (2013: nil) relating to goodwill. Among the other investments in intangible assets and property, plant and equipment, the measures undertaken under the strategic growth initiatives and infrastructure projects are classified as expansion investments, while all remaining investments are reported as replacement investments.

93 278 The other investments in intangible assets and property, plant and equipment are broken down by segment as follows: Payment to acquire intangible assets and property, plant and equipment Expansion investments 31 Dec Dec 2012 m m Eurex Xetra Clearstream Market Data +Services Replacement investments Eurex Xetra Clearstream Market Data +Services Total investments according to segment reporting Of the investments in non-current financial instruments, an amount of 8.5 million (2012: million) related to the purchase of variable-rate securities in the banking business. Securities and other non-current receivables in the amount of 35.3 million (2012: million), of which 32.2 million (2012: million) related to the banking business, matured or were sold in financial year The acquisition of further shares of European Energy Exchange AG at a purchase price of 15.4 million and the acquisition of interests in Zimory GmbH, Deutsche Börse Cloud Exchange AG and Global Markets Exchange Group International LLP at purchase prices totalling 19.7 million resulted in cash outflows of 35.1 million. In connection with the termination of the cooperation agreement governing the equity investment in Scoach Holding S.A. with effect from 30 June 2013, the shares in Scoach Schweiz AG (now SIX Structured Products Exchange AG) held by Scoach Holding S.A. were transferred to SIX Swiss Exchange AG, and the shares in Scoach Holding S.A. previously held by SIX Swiss Exchange AG were transferred to Scoach Holding S.A. and subsequently retired (see note 2). Following the transfer, Deutsche Börse AG s equity interest in Scoach Holding S.A. (now Börse Frankfurt Zertifikate S.A.) increased to 100 per cent. Since the acquisition was transacted as an exchange, there were no cash outflows. In 2012, there were cash outflows of million in connection with the acquisition of shares in subsidiaries million of this amount related to the acquisition of the shares in Eurex Global Derivatives AG, which holds 50 per cent of shares of Eurex Zürich AG. The purchase price was paid in cash in the amount of million as well as by delivery of 5,286,738 shares of Deutsche Börse AG; at the time of delivery, the shares had a fair value of million.

94 279 Cash flows from financing activities Cash outflows from financing activities of million (2012: cash outflows of million) mainly related to the dividend distribution of million (2012: million) and the repayment of bonds issued of million. Moreover, a bond with a principal amount of 600 million was issued in financial year 2013 (2012: 600 million). Reconciliation to cash and cash equivalents Reconciliation to cash and cash equivalents 31 Dec Dec 2012 m m Restricted bank balances 16, ,450.6 Other cash and bank balances Net position of financial instruments of Eurex Clearing AG less bank loans and overdrafts Reconciliation to cash and cash equivalents 17, ,092.1 Current receivables and securities from banking business 9, ,808.2 less loans to banks and customers with an original maturity of more than 3 months less available-for-sale debt instruments less derivatives Current liabilities from banking business 9, ,880.3 Current liabilities from cash deposits by market participants 16, , , ,548.1 Cash and cash equivalents Earnings per share Under IAS 33, earnings per share are calculated by dividing the net profit for the year attributable to shareholders of the parent company (net income) by the weighted average number of shares outstanding. In order to determine diluted earnings per share, potentially dilutive ordinary shares that may be acquired under the Stock Bonus Plan (SBP) (see also note 39) were added to the average number of shares. In order to calculate the number of potentially dilutive ordinary shares, the exercise prices were adjusted by the fair value of the services still to be provided. In order to determine diluted earnings per share, all SBP tranches for which cash settlement has not been resolved are assumed to be settled with equity instruments regardless of actual accounting in accordance with IFRS 2.

95 280 The following potentially dilutive rights to purchase shares were outstanding as at 31 December 2013: Calculation of the number of potentially dilutive ordinary shares Tranche Adjustment of the Exercise price exercise price according to IAS 33 1) Average number of outstanding options Average price for the period 2) Number of potentially dilutive ordinary shares 31 Dec 2013 as at 31 Dec ) , ,366 Total 13,366 1) According to IAS 33.47(a), the issue price and the exercise price for stock options and other share-based payment arrangements must include the fair value of any goods or services to be supplied to the entity in the future under the stock option or other share-based payment arrangement. 2) Volume-weighted average price of Deutsche Börse AG shares on Xetra for the period 1 January to 31 December ) This relates to rights to shares under the Stock Bonus Plan (SBP) for senior executives. As the volume-weighted average share price was higher than the adjusted exercise price for the 2013 tranche, these stock options are considered as dilutive under IAS 33 as at 31 December Calculation of earnings per share (basic and diluted) Number of shares outstanding as at beginning of period 184,078, ,686,611 Number of shares outstanding as at end of period 184,115, ,078,674 Weighted average number of shares outstanding 184,083, ,379,239 Number of potentially dilutive ordinary shares 13,366 31,166 1) Weighted average number of shares used to calculate diluted earnings per share 184,097, ,410,405 Net income ( m) Earnings per share (basic) ( ) Earnings per share (diluted) ( ) ) Adjusted for the 2011 tranche, for which cash settlement was resolved in 2013

96 Segment reporting Segment reporting is governed by the internal organisational and reporting structure, which is broken down by markets into the following four segments: Internal organisational and reporting structure Segment Eurex Xetra Clearstream Market Data + Services Business areas T7 electronic derivatives market trading platform T7 electronic options trading platform Eurex Repo over-the-counter (OTC) trading platform Central counterparty for bonds, on- and off-exchange derivatives and repo transactions Cash market using the Xetra electronic trading system, the Specialist trading on the Frankfurt Stock Exchange and Tradegate Eurex Bonds OTC trading platform Central counterparty for equities and bonds Admission of securities to listing Custody and settlement services for domestic and international securities Global securities financing services and collateral management Investment funds services Distribution of licenses for real-time trading and market signals Development and sales of indices Technology solutions for external customers Trading participant connectivity In accordance with IFRS 8, information on the segments is presented on the basis of internal reporting (management approach). As a result of the changes made to Deutsche Börse Group s organisational structure as at 1 January 2013, various business areas (e.g. trading participant connectivity, IT services and cooperations with partner exchanges) were transferred from the previous market segments (in particular Xetra) to the new Market Data + Services segment. In this context, net revenue, cost and employees directly or indirectly associated with these business areas have also been reallocated. Prior-year figures have been adjusted accordingly. Sales revenue is presented separately by external sales revenue and internal (inter-segment) sales revenue. Inter-segment services are charged on the basis of measured quantities or at fixed prices (e.g. the provision of data by Eurex to Market Data + Services). Due to their insignificance to segment reporting, the financial income and financial expense items have been combined to produce the net financial result.

97 282 Segment reporting Eurex Xetra Clearstream m m m m m m External sales revenue Internal sales revenue Total sales revenue Net interest income from banking business Other operating income Total revenue Volume-related costs Net revenue (total revenue less volume-related costs) Staff costs Depreciation, amortisation and impairment losses Other operating expenses Operating costs Result from equity investments 5.1 2) 4.7 3) Earnings before interest and tax (EBIT) Net financial result ) Earnings before tax (EBT) Investment in intangible assets and property, plant and equipment 5) Employees (as at 31 December) 1, ,816 1,793 EBIT margin (%) 6) ) The consolidation of internal net revenue column shows the elimination of intragroup sales revenue and profits. 2) Includes impairment losses totalling 1.6 million that account for the interest in Quadriserv Inc. 3) Includes impairment losses of 10.8 million that account for the interest in Quadriserv Inc. 4) Includes loss on subsequent measurement of liabilities to SIX Group AG of 27.4 million. 5) Excluding goodwill 6) EBIT margin is calculated on the basis of EBIT divided by net revenue.

98 283 Market Data+Services Total of all segments Consolidation of internal net revenue 1) Group m m m m m m m m , , , , , , , , , , , , , , , , , , ,811 3, ,811 3, n.a. n.a

99 284 In the year under review, there was an extraordinary impairment loss of 0.6 million (2012: nil). Non-cash valuation allowances and bad debt losses resulted from the following segments: Breakdown of non-cash valuation allowances and bad debt losses m m Eurex Xetra Clearstream Market Data + Services Total Deutsche Börse Group s business model and that of its segments is focused on an internationally operating participant base and pricing does not differ depending on the customer s location. From a price, margin and risk perspective, this means that it is not important whether sales revenue is generated from German or non-german participants. The risks and returns from the activities of the subsidiaries operating within the economic environment of the European Monetary Union (EMU) do not differ significantly from each other on the basis of the factors to be considered in identifying information on geographical regions under IFRS 8. As a result, Deutsche Börse Group has identified the following information on geographical regions: the euro zone, the rest of Europe, America and Asia-Pacific. Sales revenue is allocated to the individual regions according to the customer s domicile, while investments and non-current assets are allocated according to the company s domicile and employees according to their location. As described above, the analysis of sales is based on the direct customer s billing address. This means for example: sales to an American investor trading a product with an Asian underlying via a European clearing member are classified as European sales. Thus, in addition to sales to customers based in the Asia Pacific region, Deutsche Börse Group also reports sales of products based on Asia Pacific underlyings. These include, for example, trading of the South Korean KOSPI index on Eurex, settlement and custody services for securities issued by Asian entities, global securities financing from and with Asian customers, and index products such as the STOXX China Total Market indices. Furthermore, the Group earns net interest income on Asian customer balances. In total, this Asia Pacific-driven business amounted to an additional 48.8 million in 2013 (2012: 45.2 million, number restated for the inclusion of GSF revenues).

100 285 Information on geographical regions Sales revenue Investments 3) Non-current assets Number of employees m m m m m m Euro zone 1, ) 1, ) , ) 1, ) 2,687 2,652 Rest of Europe ) ) ) ) America ) ) , ) 1, ) Asia/Pacific Total of all regions 2, , , , ,811 3,704 Consolidation of internal net revenue Group 2, , , ) 3, ,811 3,704 1) Including countries in which more than 10 per cent of sales revenue were generated: UK (2013: million; 2012: million), Germany (2013: million; 2012: million), and USA (2013: million; 2012: million) 2) Including countries in which more than 10 per cent of non-current assets are carried: USA (2013: 1,374.3 million; 2012: 1,488.5 million), Germany (2013: 1,267.4 million; 2012: 1,266.0 million) and Switzerland (2013: million; 2012: million) 3) Excluding goodwill 36.Financial risk management Deutsche Börse Group presents the qualitative disclosures required by IFRS 7 in detail in the combined management report (see explanations in the risk report, which is part of the combined management report), such as the nature and extent of risks arising from financial instruments, as well as the objectives, strategies and methods used to manage risk. Financial risks arise at Deutsche Börse Group mainly in the form of credit risk. To a smaller extent the Group is exposed to market price risk. Financial risks are quantified using the economic capital concept (please refer to the risk report for detailed disclosures). Economic capital is assessed on a per cent confidence level for a one-year holding period. The economic capital is compared with the Group s liable equity capital adjusted by intangible assets so as to test the Group s ability to absorb extreme and unexpected losses. The economic capital for financial risk is calculated at the end of each month and amounted to 388 million as at 31 December 2013, whereby 311 million stem from credit risk and 77 million stem from market price risk. The Group evaluates its financial risk situation on an ongoing basis. In the view of the Executive Board, no threat to the continued existence of the Group can be identified at this time.

101 286 Credit risk Credit risks arise in Deutsche Börse Group from the following items: Credit risk of financial instruments Carrying amounts maximum risk position Collateral Collateralised cash investments Segment Note Amount as at 31 Amount as at 31 Amount as at 31 Amount as at 31 Dec 2013 Dec 2012 Dec 2013 Dec 2012 m m m m Overnight money invested under securities repurchase agreements Eurex 1) 0 1, ,601.9 Reverse repurchase agreements Eurex 1) 7, , , ) 5, ) Uncollateralised cash investments Clearstream 16 6, , , ) 4) 2,842.63) 4) Group 1) , , , ,896.4 Money market lendings central banks Eurex 1) 9, , Clearstream , Money market lendings other counterparties Eurex 1) Clearstream , Group 1) Balances on nostro accounts Clearstream , Group 1) Other fixed-income securities Clearstream 13, ) 5.8 5) 0 0 Floating rate notes Clearstream 13, 16 1, ) 1, ) 0 0 Group ) Fund assets Eurex Loans for settling securities transactions 12, , Technical overdraft facilities Clearstream n.a. 7) n.a. 7) Automated Securities Fails Financing 8) Clearstream ASLplus securities lending 8) Clearstream 41, , , , , , , ,871.7 Total 70, , , ,768.1

102 287 Carrying amounts maximum risk position Collateral Segment Note Amount as at 31 Amount as at 31 Amount as at 31 Amount as at 31 Dec 2013 Dec 2012 Dec 2013 Dec 2012 m m m m Balance brought forward 70, , , ,768.1 Other receivables Other loans Group Other assets Group Trade receivables Group Receivables from related parties Group Interest receivables Clearstream Financial instruments of Eurex Clearing AG (central counterparty) 34, ) 34, ) 48, ) 11) 45, ) 11) Derivatives Financial guarantee contracts 8) Total 105, , , , ) Presented in the items restricted bank balances and other cash and bank balances 2) Thereof, million repledged to central banks (2012: 0 million) 3) Thereof, 4,524.2 million transferred to central banks (2012: million) 4) Total of fair value of cash ( 4.7 million; 2012: nil) and securities collateral ( 6,777.0 million; 2012: 2,842.6 million) received under reverse repurchase agreements 5) Thereof 1,328.6 million transferred to central banks (2012: 1,352.0 million). 6) The amount includes collateral totalling 5.0 million (2012: 5.0 million). 7) The portfolio of deposited collateral is not directly attributed to any utilisation, but is determined by the scope of the entire business relationship and the limits granted. 8) Off-balance-sheet items 9) Net value of all margin requirements resulting from executed trades as at the balance sheet date; this figure represents the risk-oriented view of Eurex Clearing AG while the carrying amount of the position financial instruments of Eurex Clearing AG in the balance sheet shows the gross amount of the open trades according to IAS ) Collateral value of cash and securities collateral deposited for margins covering net value of all margin requirements 11) The amount includes the clearing fund totalling 1,597.2 million (2012: 1,402.3 million).

103 288 Cash investments Deutsche Börse Group is exposed to credit risk in connection with the investment of cash funds. The Group mitigates such risks by investing short-term funds either to the extent possible on a collateralised basis, e.g. via reverse repurchase agreements or by deposits with central banks. According to the treasury policy, only bonds with a minimum rating of AA issued or guaranteed by governments or supranational institutions are eligible as collateral. The fair value of securities received under reverse repurchase agreements (Clearstream subgroup, Eurex Clearing AG and Deutsche Börse AG) was 14,196.0 million (2012: 8,273.6 million). The Clearstream subgroup and Eurex Clearing AG are able to repledge the securities received to their central banks. The fair value of securities received under reverse repurchase agreements transferred via transfer of title to central banks at Clearstream subgroup amounted to 4,524.2 million as at 31 December 2013 (2012: million). As at 31 December 2013 Eurex Clearing AG has repledged securities to central banks with a fair value of million (2012: nil). The contract terms are based on recognised bilateral master agreements. Uncollateralised cash investments are permitted only for counterparties with sound creditworthiness within the framework of defined counterparty credit limits or in the form of investments in money market or other mutual funds as well as US treasuries and municipal bonds with maturities of less than two years. Counterparty credit risk is monitored on the basis of an internal rating system. Part of the available-for-sale fixed-income financial instruments and floating rate notes held by Clearstream are transferred via transfer of title to central banks to collateralise the settlement facilities obtained. The fair value of transferred securities was 1,355.0 million as at 31 December 2013 (2012: 1,352.0 million). Loans for settling securities transactions Clearstream grants customers technical overdraft facilities to maximise settlement efficiency. These settlement facilities are subject to internal credit review procedures. They are revocable at the option of the Clearstream subgroup and are largely collateralised. Technical overdraft facilities amounted to 91.8 billion as at 31 December 2013 (2012: 87.6 billion). Of this amount, 2.7 billion (2012: 2.8 billion) is unsecured, whereby a large proportion relates to credit lines granted to central banks and other government-backed institutions. Actual outstandings at the end of each business day generally represent a small fraction of the facilities and amounted to million as at 31 December 2013 (2012: million); see note 16. Clearstream also guarantees the risk resulting from the Automated Securities Fails Financing programme it offers to its customers. This risk is collateralised. Guarantees given under this programme amounted to million as at 31 December 2013 (2012: million).

104 289 Under the ASLplus securities lending programme, Clearstream Banking S.A. had securities borrowings from various counterparties totalling 41,858.4 million as at 31 December 2013 (2012: 38,043.9 million). These securities were fully lent to other counterparties. Collateral received by Clearstream Banking S.A. in connection with these loans amounted to 43,624.3 million (2012: 38,071.3 million). In 2012 and 2013, no losses from credit transactions occurred in relation to any of the transaction types described. Other receivables Trading, settlement and custody fees are generally collected without delay by direct debit. Fees for other services, such as the provision of data and information, are settled mainly by transfer. As a result of default by customers, receivables of 2.7 million (2012: 2.2 million) relating to fees for trading and provision of data and IT services are not expected to be collectable. Financial instruments of Eurex Clearing AG (central counterparty) To safeguard Eurex Clearing AG against the risk of default by a clearing member, the clearing conditions require the clearing members to deposit margins in the form of cash or securities on a daily basis or an intraday basis in the amount stipulated by Eurex Clearing AG. Additional security mechanisms of Eurex Clearing AG are described in detail in the risk report. The aggregate margin calls (after haircuts) based on the executed transactions was 34,840.4 million at the reporting date (2012: 34,864.7 million). In fact, collateral totalling 48,419.2 million (2012: 45,881.2 million) was deposited. Composition of Eurex Clearing AG s collateral Collateral value Collateral value as at 31 Dec 2013 as at 31 Dec 2012 m m Cash collateral (cash deposits) 1) 16, ,447.4 Securities and book-entry securities collateral 2) 3) 32, ,433.8 Total 48, , ) The amount includes the clearing fund totalling million (2012: million). 2) The amount includes the clearing fund totalling million (2012: million). 3) The collateral value is determined on the basis of the fair value less a haircut. In contrast to the risk-oriented net analysis of the transactions via the central counterparty, the gross amounts are reported in the balance sheet, as the offsetting rules defined in IAS 32 cannot be met. For a detailed explanation of this balance sheet item, see Financial instruments of Eurex Clearing AG (central counterparty) section in note 3 or note 15. For an analysis of the carrying amount, see note 15.

105 290 Credit risk concentrations Deutsche Börse Group s business model and the resulting business relationships with a large part of the financial sector mean that, as a rule, credit risk is concentrated on the financial services sector. Potential concentrations of credit risk on individual counterparties are limited by application of counterparty credit limits. The regulatory requirements, such as those arising under the Großkredit- und Millionenkreditverordnung (GroMiKV, ordinance governing large exposures and loans of 1.5 million or more) in Germany and the corresponding rules in Luxembourg arising under the revised CSSF circular 06/273, are complied with. The German and Luxembourgian rules are based on the EU directives 2006/48/EC and 2006/49/EC (commonly known as CRD) as revised in 2009 with effect as at 31 December See also note 20 for an explanation of regulatory capital requirements. Deutsche Börse Group carries out VaR calculations in order to detect credit concentration risks. In 2013, no significant credit concentrations were assessed. The required economic capital for credit risk is calculated for each business day and amounted to 311 million as at 31 December 2013 (2012: 184 million). The increase is driven by two main factors; firstly, the required economic capital is now calculated as the undiversified sum of the required economic capital of the segments, companies and risk types, and secondly, the credit risk of Eurex Clearing AG increased due to the increase of its own contribution to the Default Fund ( skin in the game ). Market price risk As part of the annual planning, the treasury policy of Deutsche Börse Group requires that any net earnings exposure from currencies be hedged through foreign exchange transactions, if the unhedged exposure exceeds 10 per cent of consolidated EBIT. Foreign exchange exposures below 10 per cent of consolidated EBIT may also be hedged. During the year, actual foreign exchange exposure is monitored against the latest EBIT forecast. In case of an overstepping of the 10 per cent threshold, the exceeding amount must be hedged. In addition, the policy stipulates that intraperiod open foreign exchange positions are closed when they exceed 15.0 million. This policy was complied with as in the previous year; as at 31 December 2013, there were no significant net foreign exchange positions.

106 291 Currency risks in the Group arise mainly from the operating results and balance sheet items of ISE, which are denominated in US dollars, plus that part of Clearstream s sales revenue and interest income less expenses which is directly or indirectly generated in US dollars. As at 31 December 2013, ISE accounted for 26 per cent of the Eurex segment s sales revenue (2012: 23 per cent). In addition, the Clearstream segment generated 9 per cent of its sales revenue and interest income (2012: 9 per cent) directly or indirectly in US dollars. Acquisitions where payment of the purchase price results in currency risk are generally hedged. The Group has partially hedged its investment in ISE against foreign currency risks by issuing fixed-income US dollar debt securities. The investment in ISE (hedged item) constitutes a net investment in a foreign operation. The US dollar securities designated as hedging instruments for the net investment hedge were issued in a nominal amount of US$460.0 million. Interest rate risks arise further from debt financing of acquisitions. The acquisition of ISE was financed through senior and hybrid debt that matured or has been called in To refinance 2013 debt maturities Deutsche Börse AG, in October 2012 and March 2013, successfully issued senior bonds in an amount of 600 million each. Equity price risks arise from contractual trust arrangements (CTAs) and from the Clearstream Pension Fund in Luxembourg. In addition, there are equity price risks arising from strategic equity investments in other exchange operators. Economic capital is calculated at the end of each month for market price risks that can arise in connection with cash investments or borrowing as a result of fluctuations in interest rates and foreign exchange rates as well as through fluctuations of the asset value of the CTA and the Clearstream Pension Fund in Luxembourg. On 31 December 2013, the economic capital for market price risk was 77 million (2012: 1 million). The increase is mainy driven by two factors; firstly, the required economic capital is now calculated as the undiversified sum of the required economic capital of the segments, companies and risk types, and secondly, the market price risk increased because the CTAs and Clearstream Pension Fund in Luxembourg are now included in the calculation. In financial year 2013, impairment losses amounting to 1.6 million (2012: 13.3 million) were recognised in profit and loss for strategic investments that are not included in the VaR for market price risk.

107 292 Liquidity risk For the Group, liquidity risk may arise from potential difficulties in renewing maturing financing, such as commercial paper and bilateral and syndicated credit facilities. In addition, required financing for unexpected events may result in a liquidity risk. Most of the Group s cash investments are short-term to ensure that liquidity is available, should such a financing need arise. Eurex Clearing AG remains almost perfectly matched with respect to the durations of received customer cash margins and investments which in only limited amounts may have tenors of up to one month while the Clearstream subgroup may invest customer balances up to a maximum of one year under strict control of mismatch and interest rate limits (see note 31 for an overview of the maturity structure).term investments can be transacted via reverse repurchase agreements against highly liquid collateral that can be deposited with the Luxembourg Central Bank and can be used as a liquidity buffer in case of need. Contractually agreed credit lines Company Purpose of credit line Currency Amount as at 31 Dec 2013 Amount as at 31 Dec 2012 m m Deutsche Börse AG working capital 1) interday Eurex Clearing AG settlement interday settlement intraday settlement interday CHF Clearstream Banking S.A. working capital 1) interday ) million of Deutsche Börse AG s working capital credit lines is a sub-credit line of Clearstream Banking S.A. s 750 million working capital credit line. Clearstream Banking S.A. has a bank guarantee (letter of credit) in favour of Euroclear Bank S.A./N.V. issued by an international consortium to secure daily deliveries of securities between Euroclear Bank S.A./N.V. and Clearstream Banking S.A.. This guarantee amounted to US$2.80 billion as at 31 December 2013 (2012: US$2.75 billion). Euroclear Bank S.A./N.V. has also issued a guarantee in favour of Clearstream Banking S.A. amounting to US$2.3 billion (2012: US$2.1 billion). Furthermore, Eurex Clearing AG holds a credit facility of US$2.1 billion (2012: US$2.1 billion) granted by Euroclear Bank S.A./N.V. in order to increase the settlement efficiency. A commercial paper programme offers Deutsche Börse AG an opportunity for flexible, short-term financing, involving a total facility of 2.5 billion in various currencies. As at year-end, commercial paper with a nominal value of million has been issued (2012: nil). Clearstream Banking S.A. also has a commercial paper programme with a programme limit of 1.0 billion, which is used to provide additional short-term liquidity. As at 31 December 2013, commercial paper with a nominal value of million had been issued (2012: million).

108 293 The rating agencies Fitch and Standard & Poor s confirmed the existing credit ratings of the Group companies in the course of the financial year. The negative outlook, added to Deutsche Börse AG s rating in December 2012 by S&P, has been kept. On 1 February 2013, Fitch Ratings added a negative outlook to Clearstream Banking S.A. s AA rating that has been removed in November For further details on the rating of Deutsche Börse Group, see the Financial position section in the combined management report. As at 31 December 2013, Deutsche Börse AG was one of only two DAX-listed companies that had been given an AA rating by Standard & Poor s. As at 31 December 2013, Deutsche Börse AG s commercial paper programme was awarded the best possible short-term rating of A Financial liabilities and other risks For the coming financial years, the Group s expenses in connection with long-term contracts relating to maintenance contracts and other contracts (without rental and lease agreements, see note 38) are presented in the following: Breakdown of future financial obligations 31 Dec Dec 2012 m m Up to 1 year to 5 years More than 5 years Total Other litigation and liability risks Contingent liabilities may result from present obligations and from possible obligations from events in the past. Deutsche Börse Group recognises provisions for the possible incurrence of losses only if there is a present obligation from an event in the past which is likely to cause an outflow of resources and if it is possible to reliably estimate the amount of such obligation (see also note 3). In order to determine for which proceedings the possibility of incurring a loss is more than unlikely as well as how the possible loss is estimated, Deutsche Börse Group takes into account a multitude of factors, including the nature of the claim and the facts on which it is based, the jurisdiction and course of the individual proceedings, the experience of Deutsche Börse Group, prior settlement talks (as far as have already taken place) as well as reports and evaluations of legal advisors. However, it is possible that a reliable estimate for a given proceedings could not be determined before the release of the consolidated financial statements, and that as a result no provisions are recognised.

109 294 Eurex Clearing AG vs. Lehman Brothers Bankhaus AG On 26 November 2012, the insolvency administrator of Lehman Brothers Bankhaus AG (LBB AG), Dr Michael C. Frege, brought an action against Eurex Clearing AG before the Frankfurt/Main Regional Court. On the basis of German insolvency law, Dr Frege is demanding from Eurex Clearing AG the repayment of million and payment of another amount of around 1.0 million plus interest of 5 percentage points above the base rate accrued on the total amount since 13 November Eurex Clearing AG considers the claim unfounded and is defending itself against the insolvency administrator s action. LBB AG had made payments in the amount of million to Eurex Clearing AG in the morning of 15 September LBB AG was thereby effecting collateral payments (intraday margin payments) of Lehman Brothers International (Europe) (LBIE) from the underlying clearing relationship to Eurex Clearing AG by acting as correspondence bank for the former clearing member LBIE. On 15 September 2008, administration proceedings were opened in the United Kingdom with respect to LBIE, and Bundesagentur für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority) issued a moratorium with regard to LBB AG in the course of 15 September On 13 November 2008, insolvency proceedings were opened with regards to LBB AG. Clearstream Banking S. A. settlement with OFAC The U.S. Treasury Department Office of Foreign Assets Control (OFAC) was investigating certain securities transfers in 2008 within Clearstream s settlement systems regarding US Iran sanctions regulations. These transfers implemented the decision taken by Clearstream in 2007 to close its Iranian customers accounts. OFAC had been informed of the closing of the accounts in advance. On 9 January 2013, Deutsche Börse AG reported in an ad-hoc announcement that, following OFAC s proposal, Clearstream decided to enter into settlement talks with OFAC. In recent months, Clearstream has held substantive discussions with OFAC. On 23 January 2014, the matter was resolved through a settlement and payment of US$ million. This settlement with OFAC does not constitute a final determination that a violation has occurred. Peterson vs. Clearstream Banking S.A., Citibank NA et al. and Heiser vs. Clearstream Banking S.A. In its corporate report 2012, Deutsche Börse Group informed about proceedings initiated by various plaintiffs seeking turnover of certain customer positions held in Clearstream Banking S.A. s (Clearstream) securities omnibus account with its US depository bank, Citibank NA, and asserting direct claims against Clearstream for damages of US$250 million for purported wrongful conveyance of some of these positions. In July 2013, the US court ordered turnover to plaintiffs, holding that the customer positions were owned by Bank Markazi. The decision did not address the direct claims against Clearstream. Bank Markazi and Clearstream appealed the turnover order. The responsible bodies of Deutsche Börse AG and Clearstream approved the terms of a settlement agreement with the plaintiffs in this case on 9 September Pursuant to the settlement agreement, the direct claims against Clearstream were to be dismissed and ratifying plaintiffs agreed not to sue Clearstream for damages arising from specified acts that occurred prior to the effective date of the agreement.

110 295 In return, Clearstream agreed to withdraw its appeal from the turnover order. On 8 November 2013, the US trial court dismissed the direct claims against Clearstream and the settlement became effective. On 13 November 2013, the US appellate court accepted the withdrawal of Clearstream s appeal of the district court s turnover order in light of the settlement with plaintiffs. Bank Markazi s appeal continues without Clearstream s involvement. If this turnover is ultimately affirmed by the US appeals court and the assets turned over, a related case, Heiser vs. Clearstream Banking S. A., also seeking turnover of the same assets, will be dismissed. On 30 December 2013 US plaintiffs filed under seal a complaint targetingcertain assets of approximately US$ 1.6 billion claimed to be held for Bank Markazi, the Iranian Central Bank, by Clearstream in Luxembourg. The plaintiffs are judgement creditors of Iran and seek the turnover of these customer assets to satisfy their judgement. CBOE vs. ISE On 12 November 2012, the Chicago Board Options Exchange (CBOE) filed a patent infringement law suit against the International Securities Exchange (ISE) (the CBOE Litigation ). In the CBOE Litigation, CBOE alleges US$525 million in damages for infringement of three patents, which relate to systems and methods for limiting marketmaker risk. ISE believes that CBOE s damages claim lacks merit because it is unsupported by the facts and the law. ISE intends to vigorously defend itself in this lawsuit. Upon ISE s motion, the case was recently transferred to the competent courts of New York City. In Q4/2013, ISE filed a number of petitions in the U.S. Patent and Trademark Office (USPTO) seeking to invalidate the CBOE patents. As a result of the filing of those petitions, in December 2013, upon ISEs motion, CBOE s lawsuit was stayed (frozen) by the court, pending the outcome of the petitions filed in the USPTO to invalidate the patents. In November 2006, ISE itself filed a patent infringement lawsuit against CBOE (the ISE Litigation ). In the ISE Litigation, as of December 2012, ISE alleged US$475 million in damages for infringement of ISE s patent which relates to systems and methods for operating an automated exchange. The ISE Litigation was scheduled for trial in March However, in the course of the pre-trial motions, some of the decisions of the trial judge establishing ISE s burden of proof to succeed in trial, were extremely adverse to ISE. As a result, ISE believed that it could not prove its case of infringement, and therefore determined to move straight to an appeal of those rulings and forego a trial. On 12 April, ISE filed an appeal of the rulings with the Federal Circuit Court of Appeals. On 1 July 2013, ISE filed its brief on appeal. Oral argument was held on 9 January 2014, and a decision on the appeal will likely issue in H1/2014. In addition to the matters described above and in prior disclosures, Deutsche Börse Group is from time to time involved in various legal proceedings that arise in the ordinary course of its business. Deutsche Börse Group recognises provisions for litigation and regulatory matters when it has a present obligation from an event in the past, an outflow of resources with economic benefit to settle the obligation is probable and it is possible to reliably estimate the amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. When these conditions are not met, Deutsche Börse Group does not recognise a provision. As a litigation or regulatory matter develops, Deutsche Börse Group evaluates on

111 296 an ongoing basis whether the requirements to recognise a provision are met. Deutsche Börse Group may not be able to predict what the eventual loss or range of loss related to such matters will be. Deutsche Börse Group does not believe, based on currently available information, that the results of any of these various proceedings will have a material adverse effect on its financial statements as a whole. Tax risks Due to its business activities in various countries, Deutsche Börse Group is exposed to tax risks. A process has been developed to recognise and evaluate these risks, which in the first place are recognised depending on the probability they will arise. In a second step, these risks are measured on the basis of their expected value. In case it is more probable than not that the risks will arise, a tax provi-sion is recognised. Deutsche Börse Group continuously reviews if the preconditions for the recognition of corresponding tax provisions are met. 38. Leases Finance leases There were no minimum lease payments from finance leases for Deutsche Börse Group neither as at 31 December 2013 nor as at 31 December Operating leases (as lessee) Deutsche Börse Group has entered into leases to be classified as operating leases due to their economic substance, meaning that the leased asset is allocated to the lessor. These leases relate mainly to buildings, IT hardware and software. Minimum lease payments from operating leases 31 Dec Dec 2012 m m Up to 1 year 1) to 5 years 1) More than 5 years 1) Total ) The expected payments in US dollars were translated into euros applying the closing rate of 31 December In the year under review, 65.5 million (2012: 72.1 million) of minimum lease payments was recognised as an expense. No expenses were incurred for subleases or contingent rentals in the year under review.

112 297 Operating leases for buildings, some of which are subleased, have a maximum remaining term of 12 years. The lease contracts usually terminate automatically when the lease expires. The Group has options to extend some leases. Rental income expected from sublease contracts 31 Dec Dec 2012 m m Up to 1 year to 5 years Total Share-based payment Stock Bonus Plan (SBP) and Stock Plan In the year under review, the company established an additional tranche of the SBP. In order to participate in the SBP, a beneficiary must have earned a bonus. The number of stock options for senior executives is determined by the amount of the individual and performance-based SBP bonus for the financial year, divided by the average share price (Xetra closing price) of Deutsche Börse AG s shares in the fourth quarter of the financial year in question. Neither the converted SBP bonus nor the stock options will be paid at the time the bonus is determined. Rather, the entitlement is generally received two or three years after having been granted (so-called waiting period ). Within this period, beneficiaries cannot assert shareholder rights (in particular, the right to receive dividends and attend the Annual General Meeting). Once they have met the condition of service, the beneficiaries claims resulting from the SBP are calculated on the first trading day following the last day of the waiting period. The current market price at that date (closing auction price of Deutsche Börse share in electronic trading on the Frankfurt Stock Exchange) is multiplied by the number of SBP shares. Since 1 January 2010, a different method has been applied to calculate the number of stock options for Executive Board members which is described below. To calculate the number of stock options for Executive Board members under the 2010 SBP tranche and all subsequent tranches, the Supervisory Board defines the 100 per cent stock bonus target in euros for each Executive Board member at the beginning of each financial year. Based on the 100 per cent stock bonus target defined by the Supervisory Board at the beginning of each financial year, the corresponding number of virtual shares for each Executive Board member is calculated by dividing the stock bonus target by the average share price (Xetra closing price) of Deutsche Börse AG s shares in the two calendar months preceding the month in which the Supervisory Board adopts the resolution on the stock bonus target. Any right to payment of a stock bonus vests only after a performance period of three years. The year in which the 100 per cent stock bonus target is defined is taken to be the first performance year.

113 298 The calculation of the subsequent payout amount of the stock bonus for the Executive Board depends on the development of two performance factors during the performance period: firstly, on the relative performance of the total shareholder return (TSR) on Deutsche Börse AG s shares compared with the total shareholder return of the STOXX Europe 600 Financials Index as the peer group, and secondly, on the performance of Deutsche Börse AG s share price. This is multiplied by the number of virtual shares at the end of the performance period to determine the stock bonus. The share price used to calculate the cash payment claims of Executive Board members from the stock bonus is calculated as the average price of Deutsche Börse AG s shares (Xetra closing price) in the two full calendar months preceding the end of the performance period. On 20 April 2009, the Luxembourgian Commission de Surveillance du Secteur Financier (CSSF) published a circular on remuneration policies in the banking sector that addresses key aspects of remuneration practices for sustainable corporate governance and support their implementation in banking institutions day-to-day operations. According to this circular, every banking institution is required to introduce a remuneration policy that is in harmony with its business strategy and corporate goals and values as well as the long-term interests of the financial enterprise, its customers and investors, and which minimises the institution s risk position. Clearstream companies in Luxembourg have therefore revised their remuneration system for executive boards in line with the circular, and introduced a so-called stock plan. The exercise process for this stock plan stipulates the allocation of a stock bonus at the end of each financial year, which will be paid in three tranches of equal size with maturities of one, two or three years after the grant date. Claims under the stock plan have to be cash-settled if the performance targets already agreed in the year in which the targets were specified are met, irrespective of any condition of service. The number of stock options under the stock plan is determined by the amount of the individual, performance-based bonus established for each Executive Board member, divided by the average market price (Xetra closing price) for Deutsche Börse AG shares in the fourth quarter of the financial year in question. As the contracts require the stock bonus to be exercised gradually, it is divided into three separate tranches, which are measured according to their respective residual term using the corresponding parameters of the Stock Bonus Plan for senior executives. In April 2012, Eurex Frankfurt AG introduced a special remuneration component for its Executive Board members in the form of a separate SBP tranche with a term of 21 months. This tranche matured in December 2013 and is cash-settled in January at a price of A new SBP programme was launched in April 2013 for members of the Executive Board of Eurex Clearing AG. This programme has a three-year waiting period from the grant date. This SBP tranche is measured using the same parameters as the Share Bonus Plan for senior executives. For the stock bonus of senior executives under the 2011 to 2013 tranches, Deutsche Börse AG has an option whether to settle a beneficiary s claim in cash or shares. The company proposed to settle the 2011 tranche claims due in 2014 in cash. A cash settlement obligation exists for claims relating to the stock bonus of the Executive Board since the 2010 tranche and the stock plan for the executive board members of the Clearstream companies since the 2011 tranche.

114 299 In accordance with IFRS 2, the company uses an adjusted Black-Scholes model (Merton model) to calculate the fair value of the stock options. Valuation parameters for SBP shares Term 31 Jan Jan 2017 Tranche ) Tranche ) Tranche ) 31 Jan Jan Jan Jan 2015 Risk-free interest rate % Volatility of Deutsche Börse AG shares % Dividend yield % Exercise price ) The SBP 2011, 2012, and 2013 tranches also include SBP options of the Stock Plan for the executive board members of the Luxembourgian companies and SBP options for the Executive Board of Eurex Frankfurt AG and Eurex Clearing AG. These options are evaluated using different parameters. The valuation model does not take into account exercise hurdles. The volatilities applied correspond to the market volatilities of comparable options with comparable maturities. Valuation of SBP shares Balance as at 31 Dec ) Deutsche Börse AG share price as at 31 Dec 2013 Intrinsic value/ option 2) Fair value/ option 2) Settlement obligation Current provision as at 31 Dec 2013 Non-current provision as at 31 Dec 2013 Number m m m Tranche , Tranche , Tranche ,794 3) Total 476, ) As at 31 December 2013 the SBP shares of the executive board of Eurex Frankfurt AG were exercisable. 2) As at the balance sheet date 3) As the grant date for the 2013 tranche for senior executives is not until financial year 2014, the number indicated for the balance sheet date may change subsequently. The stock options from the 2010 SBP were exercised in the year under review following expiration of the vesting period. The average exercise price for the 2010 tranche following expiration of the vesting period was Shares of the SBP tranches 2011, 2012 and 2013 were paid to former employees as part of severance payments in the reporting year. The average exercise price amounted to for the 2011 tranche, for the 2012 tranche and for the 2013 tranche. The average price for forfeited stock options amounted to for the 2010 tranche, for the 2011 tranche and for the 2012 tranche. The amount of provisions for the SBP results from the measurement of the number of SBP shares with the fair value of the closing auction price of Deutsche Börse shares in electronic trading at the Frankfurt Stock Exchange as at the balance sheet date and its proportionate recognition over the vesting period.

115 300 Provisions amounting to 18.2 million were recognised as at the balance sheet date of 31 December 2013 (31 December 2012: 15.0 million). Thereof, 8.0 million are non-current (2012: 6.7 million). Of the total provisions of 18.2 million, 7.3 million were attributable to members of the Executive Board (2012: 5.9 million). The total cost of the SBP shares in the year under review was 13.2 million (2012: 8.7 million). Of that amount, an expense of 6.1 million was attributable to members of the Executive Board active at the balance sheet date (2012: 3.7 million). For the number of SBP shares granted to members of the Executive Board, please also refer to the remuneration report. Change in number of SBP shares allocated Balance as at 31 Dec 2012 Additions Tranche 2010 Additions Tranche 2011 Additions Tranche 2012 Additions Tranche 2013 Fully settled cash options Options forfeited Balance as at 31 Dec 2013 To the Executive Board 205,721 1,071 1) 5,751 1) 6,931 1) 73,771 92, ,887 To other senior executives 280,079 1,999 2,290 39,009 87, ,098 19, ,939 Total 485,800 3,070 8,041 45, ,043 2) 207,456 19, ,826 1) This relates to an increase in the number of SBP shares caused by an increase in the TSR compared to the 100 per cent value at the time the tranche was issued. 2) As the grant date for the 2013 tranche for senior excecutives is not until financial year 2014, the number indicated as at the balanace sheet date may change subsequently. Group Share Plan (GSP) Employees of Deutsche Börse Group who are not members of the Executive Board or senior executives have the opportunity to subscribe for shares of Deutsche Börse AG at a discount of 30 or 40 per cent to the issue price under the Group Share Plan (GSP). This discount is based on the employee s length of service. Under the 2013 GSP tranche, eligible employees were able to buy up to 100 shares of the company. The purchased shares must be held for at least two years. In the year under review, an expense totalling 1.3 million (2012: 0.6 million) was recognised in staff costs for the Group Share Plan. 40.Executive bodies The members of the company s executive bodies are listed in the corporate report. Executive Board chapters and Supervisory Board of this

116 Corporate governance On 9 December 2013, the Executive and Supervisory Boards issued the latest version of the declaration of conformity in accordance with section 161 of the Aktiengesetz (AktG, the German Stock Corporation Act) and made it permanently available to shareholders on the company s website (see also chapter corporate governance declaration of this corporate report). 42.Related party disclosures Related parties as defined by IAS 24 are members of the executive bodies of Deutsche Börse AG and the companies classified as associates of Deutsche Börse AG and other investors, and companies that are controlled or significantly influenced by members of the executive bodies. The remuneration of the individual members of the Executive and Supervisory Boards is presented in the The remuneration report is a component of the combined management report. remuneration report. Executive Board In 2013, the fixed and variable remuneration of the members of the Executive Board, including non-cash benefits, amounted to a total of 13.3 million (2012: 14.3 million). In 2013, no expenses for non-recurring termination benefits for Executive Board members (2012: nil) were recognised in the consolidated income statement. The actuarial present value of the pension obligations to Executive Board members was 25.7 million at 31 December 2013 (2012: 31.7 million). Expenses of 2.6 million (2012: 1.4 million) were recognised as additions to pension provisions. Former members of the Executive Board or their surviving dependents The remuneration paid to former members of the Executive Board or their surviving dependents amounted to 1.9 million in 2013 (2012: 1.6 million). The actuarial present value of the pension obligations was 54.0 million at 31 December 2013 (2012: 41.5 million). Supervisory Board The aggregate remuneration paid to members of the Supervisory Board in financial year 2013 was 2.2 million (2012: 2.1 million).

117 302 Other material transactions with related parties The two following tables show the other material transactions with companies classified as related parties. All transactions were effected on an arm s length basis. Material transactions with associates Amount of the transactions Outstanding balances Dec Dec 2012 m m m m Loans from Börse Frankfurt Zertifikate Holding S.A. (until 12 Dec 2013 Scoach Holding S.A.) to Deutsche Börse AG as part of cash pooling 1) 0 0 n.a Loans from Börse Frankfurt Zertifikate AG (until 1 Nov 2013 Scoach Europa AG) to Deutsche Börse AG as part of cash pooling 1) 0 0 n.a. 0.1 Services of Deutsche Börse AG for Börse Frankfurt Zertifikate AG (until 1 Nov 2013 Scoach Europa AG) 1) n.a. 0.4 Loans from Deutsche Börse AG to Indexium AG 2) Loans from Deutsche BörseAG to Digital Vega FX Ltd Operation of trading and clearing software by Deutsche Börse AG for European Energy Exchange AG and affiliates IT services and provision of infrastructure by International Securities Exchange, LLC for Direct Edge Holdings, LLC 3) Development and operation of the Link Up Converter system by Clearstream Services S.A. for Link-Up Capital Markets, S.L. 4) Material transactions within the framework of gold under custody between Clearstream Banking AG and Deutsche Börse Commodities GmbH Calculation services, provision of software solutions for indices and benchmark and operation of necessary software for Deutsche Börse AG by Indexium AG 2.7 5) ) 2.5 Calculation services, provision of software solutions for indices and benchmark and operation of necessary software for STOXX Ltd. by Indexium AG 4.3 6) ) 1.6 Operation and development of Xontro by Deutsche Börse AG for BrainTrade Gesellschaft für Börsensysteme mbh 7) Operation of the floor trading system by BrainTrade Gesellschaft für Börsensysteme mbh for Deutsche Börse AG 7) Other transactions with associates ) Börse Frankfurt Zertifikate AG and Börse Frankfurt Zertifikate Holding S.A. have been included in full in Deutsche Börse AG s consolidated financial statements since 1 July ) Outstanding balance after impairment losses of 5.5 million on the loan granted to Indexium AG by Deutsche Börse AG 3) Direct Edge Holdings, LLC has been classified as an associate since the restoration of significant influence on 9 February ) Shares in Link-Up Capital Markets, S.L. were sold effective 5 December ) Thereof provisions for development costs amounting to 0.4 million 6) Thereof provisions for development costs amounting to 0.4 million 7) Associate since 1 July 2013; since then, the company, with which a business relationship already existed in financial year 2012, has not been included under other related parties. Material transactions with other related parties Amount of the transactions Outstanding balances Dec Dec 2012 m m m m Office and administrative services by SIX Group AG for STOXX Ltd. 1) n.a. 2.2 n.a. n.a. Office and administrative services by SIX Swiss Exchange AG for Eurex Zürich AG 1) n.a. 2.3 n.a. n.a. Office and administrative services by SIX Swiss Exchange AG for Eurex Frankfurt AG 1) n.a. 2.0 n.a. n.a. 1) On 30 April 2012, SIX Group AG sold its remaining shares in Eurex Zürich AG to Deutsche Börse AG. Since then, SIX Group AG and its affiliates have not been considered as related parties within the meaning of IAS 24.

118 303 Transactions with key management personnel Key management personnel are persons who directly or indirectly have authority and responsibility for planning, directing and controlling the activities of Deutsche Börse Group. The Group defines the members of the Executive Board and the Supervisory Board as key management personnel for the purposes of IAS 24. As part of its normal business activities, Deutsche Börse AG maintains in the year under review relations with certain entities whose key management personnel are, at the same time, members of Deutsche Börse AG s Supervisory Board. Deutsche Börse AG had entered into agreements to source advisory services with Mayer Brown LLP, Washington, Richard Berliand Limited, Ashtead, Surrey, and Cohesive Flexible Technologies Corporation, Chicago. Significant elements of these contracts included strategies relating to Deutsche Börse AG s competitive positioning on the market as well as advisory services in connection with major strategic projects. The contracts with Richard Berliand Limited, Cohesive Flexible Technologies Corporation, and Mayer Brown LLP expired effective 30 June 2013, 3 September 2013, and 31 August 2013 respectively. Deutsche Börse Group made total payments of 0.3 million to the above-mentioned companies for advisory services in the financial year ended 31 December 2013 (2012: 1.1 million, including payments to Deutsche Bank AG, which is no longer classified as a related party in accordance with IAS 24 since the retirement of its former executive board member Hermann-Josef Lamberti from Deutsche Börse AG s Supervisory Board effective 16 May 2012). In financial year 2013, the employee representatives on Deutsche Börse AG s Supervisory Board received salaries (excluding Supervisory Board remuneration) amounting to 0.7 million (2012: 0.7 million). The total consists of the respective total gross amounts for those employee representatives who drew salaries from Deutsche Börse AG in the year under review.

119 Shareholders Section 160 (1) no. 8 of the Aktiengesetz (AktG, German Stock Corporation Act) requires disclosure of the existence of long-term investments that have been notified to the entity in accordance with section 21 (1) or section 21 (1a) of the Wertpapierhandelsgesetz (WpHG, German Securities Trading Act). The following table provides an overview of the disclosable investments as at 4 March 2014 that had been notified to the company. The information was taken in all cases from the most recent notifications provided by disclosers to the company. All notifications provided by the company concerning disclosure of investments in the year under review and thereafter until 4 March 2014 are accessible on Please note that the information with regard to the percentages and voting rights held under these long-term investments may no longer be up-to-date. The company received the following notifications pursuant to section 21 of the WpHG: Discloser Domicile and country in which the domicile or place of residence of the discloser is located Date investment reached, exceeded or fell below threshold Deutsche Börse AG Frankfurt/Main, Germany 17 Feb BlackRock Advisors Holdings, Inc. New York, USA 1 Dec BlackRock Financial Management, Inc. New York, USA 14 Apr Black Rock Group Limited London, United Kingdom 7 Dec BlackRock Holdco 2, Inc. Delaware, USA 14 Apr BlackRock, Inc. New York, USA 12Apr BlackRock International Holdings, Inc. New York, USA 2Aug BR Jersey International Holdings, L.P. St. Helier, Jersey, Channel Islands 8 Feb Capital Research and Management Company Los Angeles, USA 30 Jul Commerzbank Aktiengesellschaft Frankfurt/Main, Germany 23 May Over- /understepping (+/ ) Credit Suisse AG Zurich, Switzerland 23 May Credit Suisse Group AG Zurich, Switzerland 23 May Credit Suisse Investment Holdings UK London, United Kingdom 23 May Credit Suisse Investments UK London, United Kingdom 23 May Credit Suisse Securities (Europe) Limited London, United Kingdom 23 May

120 305 Reporting threshold Attribution in accordance with sections 22, 25 and 25a of the WpHG Investment (%) Investment (voting rights) 3.00% n.a. 4.94% 9,533, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 3.35% 6,526, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 5.04% 9,821, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 3.00% 5,790, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 5.04% 9,821, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 5.01% 9,773, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 3.58% 6,981, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 of the WpHG 3.58% 6,981, % section 22 (1) sentence 1 no. 6 of the WpHG 3.02% 5,833, % 0.67% 1,289,167 sections 21, 22 of the WpHG 0.03% 50,367 section 25a of the WpHG 0.64% 1,238, % 1.34% 2,587,486 sections 21, 22 of the WpHG 1.28% 2,476,223 section 25 of the WpHG 0.04% 71,843 section 25a of the WpHG 0.02% 39, % 1.34% 2,587,486 sections 21, 22 of the WpHG 1.28% 2,476,223 section 25 of the WpHG 0.04% 71,843 section 25a of the WpHG 0.02% 39, % sections 21, 22 of the WpHG 1.28% 2,471, % sections 21, 22 of the WpHG 1.28% 2,471, % sections 21, 22 of the WpHG 1.28% 2,471,378

121 306 Discloser Domicile and country in which the domicile or place of residence of the discloser is located Date investment reached, exceeded or fell below threshold DekaBank Deutsche Girozentrale Frankfurt/Main, Germany 21 May Franklin Mutual Advisers, LLC Wilmington, USA 19 Dec Invesco Limited Hamilton, Bermuda 3 June H M Treasury London, United Kingdom 17 May Morgan Stanley Wilmington, USA 21 May Over- /understepping (+/ ) Morgan Stanley International Holdings Inc Wilmington, USA 21 May Morgan Stanley International Limited London, United Kingdom 21 May Morgan Stanley Group Europe London, United Kingdom 21 May Morgan Stanley UK Group London, United Kingdom 21 May Morgan Stanley & Co International Plc London, United Kingdom 21 May The Royal Bank of Scotland plc Edinburgh, United Kingdom 17 May The Royal Bank of Scotland Group plc Edinburgh, United Kingdom 17 May The Capital Group Companies Los Angeles, USA 30 July UBS AG Zurich, Switzerland 21 May Warburg Invest Kapitalanlagegesellschaft Hamburg, Germany 21 May

122 307 Reporting threshold Attribution in acc. with sections 22, 25 and 25a of the WpHG Investment (%) Investment (voting rights) 5.00% sections 21 (1) of the WpHG 0.00% % sections 22 (1) sentence 1 no. 6 of the WpHG 2.90% 5,598, % sections 22 (1) sentence 1 no. 6 in conjunction with sentence 2 of the WpHG 3.08% 5,952, % sections 22 (1) sentence 1 no. 1 of the WpHG 2.34% 4,513, % 4.11% 7,926,928 sections 21, 22 of the WpHG 0.23% 448,039 section 25 of the WpHG 0.25% 489,195 section 25a of the WpHG 3.62% 6,989, % 4.01% 7,734,733 sections 21, 22 of the WpHG 0.21% 403,568 section 25 of the WpHG 0.18% 341,471 section 25a of the WpHG 3.62% 6,989, % 3.70% 7,138,902 sections 21, 22 of the WpHG 0.21% 403,568 section 25a of the WpHG 3.49% 6,735, % 3.70% 7,138,902 sections 21, 22 of the WpHG 0.21% 403,568 section 25a of the WpHG 3.49% 6,735, % 3.70% 7,138,902 sections 21, 22 of the WpHG 0.21% 403,568 section 25a of the WpHG 3.49% 6,735, % 3.70% 7,138,902 sections 21, 22 of the WpHG 0.21% 403,568 section 25a of the WpHG 3.49% 6,735, % section 21 (1) of the WpHG 2.34% 4,513, % section 22 (1) sentence 1 no. 1 of the WpHG 2.34% 4,513, % section 22 (1) sentence 1 no. 6 in conjunction with section 22 (1) sentence 2 and sentence 3 of the WpHG 3.12% 6,026, % 3.73% 7,197,301 sections 21, 22 of the WpHG 1.34% 2,579,961 section 25 of the WpHG 1.82% 3,518,462 section 25a of the WpHG 0.57% 1,098, % sections 21, 22 of the WpHG 1.61% 3,108,037

123 Employees Employees Average number of employees during the year 3,751 3,654 Employed as at the balance sheet date 3,811 3,704 Employees (average annual FTEs) 3,515 3,416 Of the average number of employees during the year, 19 (2012: 19) were classified as Managing Directors (excluding Executive Board members), 354 (2012: 355) as senior executives and 3,378 (2012: 3,280) as employees. Since 2013, the members of the Executive Boards of Eurex Clearing AG and of the Clearstream subgroup have been classified as Managing Directors. The figures for 2012 have been adjusted accordingly. There was an average of 3,515 full-time equivalent (FTE) employees during the year (2012: 3,416). Please refer also to the Employees section in the combined management report. 45.Events after the balance sheet date There have been no material events after the balance sheet date. 46.Date of approval for publication Deutsche Börse AG s Executive Board approved the consolidated financial statements for submission to the Supervisory Board on 5 March The Supervisory Board is responsible for examining the consolidated financial statements and stating whether it endorses them.

124 309 Responsibility statement by the Executive Board To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the combined management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. Frankfurt/Main, 5 March 2014 Deutsche Börse AG